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Rubrik: World-wide News/Products & News VASCO:
8 Million Dollar Capital Raise Financing Strengthens Balance Sheet Allows VASCO to Retire Debt and (21.09.03) - VASCO Data Security International announced the sale of 8 million Dollar of its Series D Cumulative Convertible Voting Preferred Stock and warrants to purchase common stock. Wedbush Morgan Securities, Inc. acted as the Company's lead investment banker and placement agent for the transaction. Gilford Securities, Inc. acted as a
co-placement agent for the transaction.
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The
preferred stock carries a 5Prozent dividend, is convertible into 4 million
shares of common stock and will vote with the common stock as a class on
matters presented to the stockholders. In addition, investors received 600
thousand five-year warrants to purchase common stock. The preferred stock is convertible at
a fixed price of 2.00 Dollar per share and the warrants are exercisable at
3.47 Dollar per share, a 20Prozent premium to the closing price of the common
stock on Wednesday, September 10, 2003. "This
financing strengthens VASCO's balance sheet substantially," noted Cliff
Bown, Executive Vice President and Chief Financial Officer. "It provides
the funds needed to repay our loan with Dexia Bank and provides us with
additional working capital to continue to grow our business. After the
repayment of the Dexia loan, VASCO's balance sheet will no longer have any
significant debt outstanding and the Company will have the cash and credit
facilities in place that we believe are needed to support future
growth." "This
capital raise was another significant step by the Company's management and
Board of Directors to prepare the Company for future growth. With a strong
balance sheet, two consecutive quarters of positive cash flow and increasing
profitability, and strong demand for our family of user authentication
products, VASCO is well positioned for growth. We continue to work hard to
earn the trust and confidence of our customers, partners and
shareholders," stated T. Kendall Hunt, VASCO's Chairman and CEO. (ma) VASCO Contact:
Jochem Binst Tel.
(0032-2) 4569810, Fax (0032-2) 4569820 E-Mail: jbinst@vasco.com Web: www.vasco.com |
