Insignia Solutions Secures $18 Million From Strategic and Institutional Investors
Under the terms of the private placement, the investors will receive American depositary shares (ADSs) at $5.00 per ADS. Additionally, investors will also receive one warrant for every two ADSs purchased. Each warrant gives investors the right to purchase one ADS at an initial exercise price of $6.00 per ADS.
"We're very excited to have completed this $18 million private placement," commented Richard Noling, president and chief executive officer of Insignia Solutions. "It's a tremendous vote of confidence from such a quality group of investors. We're especially pleased to have Sun Microsystems and BSQUARE take a vested interest in the direction of our company. With the money raised from the private placement, we are able to strengthen our balance sheet, increase our sales and marketing initiatives, and continue to invest in product development. Today we are much better equipped to pursue our strategic objectives beyond the immediate future and look toward building a solid foundation to grow our revenues and achieve operating profits."
Insignia Solutions
Insignia Solutions is the leading provider of accelerated Java technology-based software solutions that dynamically optimize the use of available system resources. Insignia's patent-pending Jeode virtual machine technology is licensed by such leading companies as Compaq Computer Corporation (NYSE: CPQ – news), eMachines, Inc. (Nasdaq: EEEE – news), Fujtisu PC, Gemstar/TV Guide (Nasdaq: GMST – news), Intel Corporation (Nasdaq: INTC – news), Olivetti Lexikon, Phoenix Technologies (Nasdaq: PTEC – news), Quantum Corporation (NYSE: DSS - news, HDD – news), RAVISENT Technologies (Nasdaq: RVST – news), Victor Data Systems (a subsidiary of JVC) and Wyse Technologies. Insignia Solutions is publicly-held with headquarters located in Fremont, California, and its main R&D facilities in High Wycombe, England. Sales and marketing departments are located in Fremont and High Wycombe. For additional information on Insignia and its products, call 1 (800) 848-7677 in the United States, +44 (0)1628 539 500 in Europe, +81 3 5404 3440 in Japan or visit the company's website at http://www.insignia.com.
© Insignia and Insignia Solutions are registered trademarks and Jeode, Embedded Virtual Machine and EVM are trademarks of Insignia Solutions, Inc. Sun, Sun Microsystems, Java, J2ME, EmbeddedJava, PersonalJava and Java Community Process are registered trademarks or service marks of Sun Microsystems, Inc. in the United States and other countries. All other trademarks are the property of their respective holders.
Forward-Looking Statements
The statements in this press release relating to matters that are not historical are forward-looking statements that involve risks and uncertainties. These forward-looking statements include the anticipated timing of product releases, the expected customer demand for existing and new products, the expected revenue from product sales, the growth of the market for the company's products, and the market demand for the Jeode platform. Actual results could differ materially from those anticipated. There can be no assurance that the company will be able to market and support the Jeode product or that such product will be accepted by customers. The company's business is subject to a variety of other risks and uncertainties that include, but are not limited to, rapid technological changes in the industry, increased competition, and timely introduction and customer acceptance of the Company's products. These and other risks and uncertainties are further described in the Company's Form 10-K for the year ended December 31, 1999 and will be described from time to time in the Company's other filings with the Securities and Exchange Commission.