Business Services Industry
Base Ten completes private placement - $9 million convertible subordinated debentures
Business Wire, August 12, 1996
TRENTON, N.J.--(BUSINESS WIRE)--Aug. 12, 1996--Base Ten Systems Inc. (NASDAQ-NMS:BASEA), announced today that it has executed an agreement to sell from $9 to $10 million of its 9.01% convertible subordinated debentures due August 31, 2003.
Under the terms of the debentures, the holder can convert the debentures into the company's Class A Common Stock at $12.50 per share, 125% of the closing price on Aug. 9, 1996. The company has the right to call the debentures after Feb. 28, 1998, if the company's stock price trades at certain levels between 150% - 175% of the closing price or $15 - $17.50 per share.
The company intends to use the proceeds for continued development of PHARMASYST(R) and PHARM2(TM), further development of a new image archive system to be marketed under the uPACS(TM) name and for working capital.
The investment banking firm of Andrew Garrett Inc., New York City, acted as placement agent for the sale of the debentures.
Mike Kranzler, Chairman and CEO stated, "The company is entering an exciting period as the development of PHARM2(TM) is nearly complete with shipment of the software scheduled to commence this quarter."
"PHARMASYST(R) backlog has increased by over $1.8 million and we anticipate significant growth once the software has been validated in a customer's facility. Validation is expected to begin in several faculties during the next few months."
The company also announced that it is withdrawing the registration statement filed on June 19, 1996 for the proposed sale of 2 million shares of its Class A Common Stock as it has met its short-term financing needs.
Base Ten Systems Inc. is a diversified technology company concentrating on safety critical products in Manufacturing Execution Systems, medical imaging software, and weapons control systems.
CONTACT: Base Ten Systems Inc.
Edward J. Klinsport, 609/586-7010
or
Strategic Growth Int'l Inc.
Richard E. Cooper, 516/829-7111
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