NESTOR COMPLETES PRIVATE PLACEMENT
NESTOR COMPLETES PRIVATE PLACEMENT PROVIDENCE, R.I., Aug. 28 /PRNewswire/ -- Nestor, Inc.
(NASDAQ: NEST) today announced that the company has completed a private placement raising a total of $1.18 million. The company sold 1,180,000 shares of Series B convertible preferred stock, and 590,000 warrants exercisable at $3 per share. The preferred stock is convertible to common stock on a share-for-share basis. Reich & Co, Inc, members NYSE, acted as selling agent.
All Nestor products are based on the company's proprietary neural- network technology, which operates as adaptive information-processing systems that "learn" from experience. These products can be taught to recognize complex configurations of data, and to interpret patterns. -0- 8/28/92 /CONTACT: David Fox of Nestor, Inc., 401-331-9640, or Burton Arkin of Arkin Associates, 212-599-2369, for Nestor, Inc./ (NEST) CO: Nestor, Inc. ST: Rhode Island IN: SU:
TS -- NY014 -- 4274 08/28/92 10:01 EDT
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|Date:||Aug 28, 1992|
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