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ECCS announces equity financing.

TINTON FALLS, N.J.--(BUSINESS WIRE)--May 28, 1996--ECCS Inc. (Nasdaq: ECCSE) today announced that it has completed the first closing of $2,775,000 of an equity placement for $3,000,000 through a private placement with an investor group led by Unterberg Harris, the company's financial advisors and principal underwriter in its 1993 IPO.

This equity is in the form of a series C convertible preferred stock with a 6% cumulative coupon and is convertible to common at $1.50 per share. In addition, the company has renewed its inventory financing line of credit with AT&T-CFC. The company also announced that it has filed its 1995 annual audited results on form 10-K and 1996 first quarter unaudited results on Form 10-Q with the SEC, without changes to previously reported results.

The company noted that the completion of this equity infusion, and, to a lesser extent, the renewal of its inventory financing arrangement, were critical to its ongoing turnaround efforts, particularly since in the first quarter of 1996, the company began shipping the first version of Synchronix(TM), the company's new storage management product family, which has been in development over the past two years.

The company has been advised by Nasdaq that effective May 29, 1996, the company's securities will be listed on the Nasdaq Small Cap Market(TM) and the trading symbol will revert back to "ECCS".

ECCS Inc. provides systems integration solutions that feature high-availability mass storage enhancement products including those designed and manufactured by the company, as well as value-added resales of UNIX-based computer systems, networking, connectivity, peripheral products and enterprise management software. ECCS is headquartered in Tinton Falls. Access the ECCS home on the World Wide Web -- -- for further information. -0- All trade names referenced are the service marks, trademarks or registered trademarks of their respective companies.


Louis J. Altieri, 908/747-6995
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:May 28, 1996
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