Access Integrated Technologies Closes $7.6 Million Private Financing of 4-Year Convertible Debentures
11 Febrero 2005 - 7:15AM
PR Newswire (US)
Access Integrated Technologies Closes $7.6 Million Private
Financing of 4-Year Convertible Debentures MORRISTOWN, N.J., Feb.
11 /PRNewswire-FirstCall/ -- Access Integrated Technologies, Inc.
("AccessIT") today closed its previously announced private
financing of $7.6 million, 4-year Convertible Debentures. The
Debentures bear interest at the rate of 7 percent per year and are
convertible into shares of AccessIT's Class A common stock at the
price of $4.07 subject to possible adjustments from time to time.
In connection with the Debenture offering, AccessIT issued the
participating institutional investors Warrants exercisable for up
to 560,197 shares of Class A common stock at an initial exercise
price of $4.44, subject to adjustments from time to time. The
Warrants may be exercised beginning on September 9, 2005 until five
years thereafter. The company intends to use the net proceeds of
the private placement to complete the previously announced purchase
of the Pavilion Theater in Brooklyn, New York and to provide
working capital. The Debenture and Warrant offering was made in a
transaction exempt from the registration requirements of the
Securities Act of 1933, as amended (the "Securities Act"). The
shares of Class A common stock to be issued upon any conversion of
the Debentures or any exercise of the Warrants have not been
registered under the Securities Act, or any state securities laws,
and unless so registered, may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements of the Securities Act and applicable
state securities laws. This press release does not constitute an
offer to sell, or the solicitation of an offer to buy, any
securities, nor shall there be any sale of the securities in any
jurisdiction in which such offering would be unlawful. Access
Integrated Technologies, Inc. (AccessIT) is an early mover in
offering a fully managed storage and delivery service for owners
and distributors of digital content to movie theaters and other
venues. Supported by its robust platform of fail-safe Internet data
centers, AccessIT is able to leverage the market-leading role of
its Hollywood Software subsidiary with the innovative digital
delivery capabilities of its Digital Media unit to provide the
highest level of technology available to service the emerging
digital cinema industry. For more information, visit our website at
http://www.accessitx.com/ . Safe Harbor Statement Investors and
readers are cautioned that certain statements contained in this
document, as well as some statements in periodic press releases and
some oral statements of AccessIT officials during presentations
about AccessIT, are "forward-looking" statements within the meaning
of the Private Securities Litigation Reform Act of 1995 (the
"Act"). Forward-looking statements include statements that are
predictive in nature, which depend upon or refer to future events
or conditions, which include words such as "expects,"
"anticipates," "intends," "plans," "could," "might," "believes,"
"seeks," "estimates" or similar expressions. In addition, any
statements concerning future financial performance (including
future revenues, earnings or growth rates), ongoing business
strategies or prospects, and possible future actions, which may be
provided by AccessIT's management, are also forward-looking
statements as defined by the Act. Forward-looking statements are
based on current expectations and projections about future events
and are subject to various risks, uncertainties and assumptions
about AccessIT, its technology, economic and market factors and the
industries in which AccessIT does business, among other things.
These statements are not guarantees of future performance and
AccessIT has no specific intention to update these statements.
Contact: Suzanne Tregenza Michael Glickman AccessIT The
Dilenschneider Group 55 Madison Avenue 212.922.0900 Suite 300
Morristown, NJ 07960 973.290.0080 http://www.accessitx.com/
DATASOURCE: Access Integrated Technologies, Inc. CONTACT: Suzanne
Tregenza of AccessIT, +1-973-290-0080, or Michael Glickman of The
Dilenschneider Group, +1-212-922-0900 Web site:
http://www.accessitx.com/
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