SAN FRANCISCO-Forecross(r)
Corporation (VSE-FRX.U), the industry leader in automated application Migration today
announced that, subject to regulatory approval, it has arranged a private placement of
270,000 Units with five investors at a price per Unit of US$6.20, for gross proceeds of
US$1,674,000. Each unit shall consist of one share of Common Stock of the Company and one
share purchase warrant to purchase an additional share of Common Stock of the Company for
a period of two years after the date of issuance. The share purchase warrants are
exercisable at a price of US$6.20 per share in the first year and US$7.13 per share in the
second year. There is no finder's fee payable and the proceeds of the private placement
will be used for expanding the Company's activities and for general corporate purposes.
"These funds will completely enable
Forecross to expand its throughput for its participation in the Year 2000 market,"
said Bernadette Castello, Chief Financial Officer of Forecross Corporation. "The
Forecross Complete/2000 product and factory delivers our proven Migration automation and
experience to the largest Migration market in history, and this agreement reflects the
increasing awareness and confidence that groups like this have in this fully-automated
software Migration factory solution."
"Forecross is now demonstrating its
automated Complete/2000 solution to its early prospects and partners in this emerging 300
to 600 billion dollar market. The solution to the year 2000 problem is a massive source
and data Migration and Forecross Corporation is the world's leader in automating these
types of Migrations. We are very excited about our future in this huge new market."
Founded in 1982 as a high-technology software
development laboratory, Forecross Corporation is dedicated to the design and development
of innovative conversion software. Its clients have included such leading corporations as
IBM Corporation, Royal Bank of Canada, Bank of Montreal, Fujitsu Limited, On-Line Software
International, Inc., Pansophic Systems, Inc., Price Waterhouse, Cincom Systems, Inc.,
Kimberly-Clark Corporation, BDM Technologies, Inc. and Bank of America National Trust and
Savings Association. Forecross Corporation's Convert series of products is available
directly to the IS community, optionally packaged with the Corporation's proven
methodologies and services. Complete/2000 is Forecross Corporation's automated solution
for the year 2000 market and the latest innovation offered by the Company to the IS
community. |
Except for historical information
contained herein, the matters set forth in this release are forward-looking statements
that are dependent on certain risks and uncertainties, including such factors, among
others, as market acceptance, market demand, pricing, changing regulatory environment,
changing economic conditions, risks in new product and service development, the effect of
the company’s accounting policies and other risk factors detailed in the
Company’s SEC and BCSC filings.
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this News Release, which has been prepared
by the Company. |
