|
Visual Data Completes Financing and Merger With Onstream Media
26 December 2004Visual DataCorporation (Nasdaq: VDAT), a business services provider of video and rich
media communication, webcasting and digital asset management services, today
reported that it has completed the $6.5 million financing that was recently
approved at the company's 2004 Annual Meeting of Shareholders, held on
December 15, 2004. The company also reported that it has completed its
previously announced merger with Onstream Media Corporation.
At the 2004 Annual Meeting of Shareholders, shareholders had approved the
issuance of the shares in the company's merger with Onstream Media
Corporation, as well as a change of the name of the company to Onstream Media
Corporation. The change in the company's name to Onstream Media Corporation
is scheduled to take place on or about January 1, 2005. The company has
applied to the Nasdaq Stock Market for a change in its trading symbol and will
advise shareholders upon notification from Nasdaq that its request has been
approved.
As a result of the completion of the $6.5 million financing, the company
has completed payment of all outstanding amounts due to Autonomy/Virage in
connection with the purchase by Visual Data of processing and distribution
software and other assets from Autonomy/Virage, as well as for the licensing
of certain software by Onstream Media. Visual Data has also utilized a
portion of the proceeds from the financing to repay all previously outstanding
secured indebtedness of the company. The company will also utilize proceeds
from the financing to complete development and roll-out of the full commercial
version of the Onstream Media digital asset management platform, which is
expected to be launched in April 2005, as well as for continuing enhancements
to the platform during the balance of the fiscal year.
The now completed $6.5 million financing consisted of $4.35 million
principal amount of 8% senior secured convertible notes, together with common
stock purchase warrants to purchase an aggregate of 1,522,500 shares; and the
sale of 215,000 shares of Series A-10 Convertible Preferred Stock at a
purchase price of $10.00 per share, together with five year common stock
purchase warrants to purchase 1,075,000 shares of common stock, in exchange
for $2.15 million. Adelphia Capital, LLC, headquartered in New York, acted as
managing placement agent for the financing.
Certain statements in this document and elsewhere by Visual Data are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such information includes, without limitation,
the business outlook, assessment of market conditions, anticipated financial
and operating results, strategies, future plans, contingencies and
contemplated transactions of the company. Such forward-looking statements are
not guarantees of future performance and are subject to known and unknown
risks, uncertainties and other factors which may cause or contribute to actual
results of company operations, or the performance or achievements of the
company, or industry results, to differ materially from those expressed, or
implied by the forward-looking statements. In addition to any such risks,
uncertainties and other factors discussed elsewhere herein, risks,
uncertainties and other factors that could cause or contribute to actual
results differing materially from those expressed or implied for the
forward-looking statements include, but are not limited to, events or
circumstances which affect the ability Visual Data and Onstream Media to
integrate successfully and achieve the anticipated benefits of the merger; the
ability of Visual Data and Onstream Media to operate profitably given each's
history of operating losses; competitive pricing for each company's products;
fluctuations in demand; changes to economic growth in the U.S. economy;
government policies and regulations, including, but not limited to those
affecting the Internet; and dilution to shareholders caused by the issuance of
stock in the merger with Onstream Media. Visual Data undertakes no obligation
to publicly update any forward-looking statement, whether as a result of new
information, future events or otherwise. Investors are urged, however, to
consult any further disclosures made on related subjects in reports filed with
the SEC.
Source: PR Newswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
Related Internet Articles
|
 | Unlimited Domain Hosting Only $10 a Month
Founded in 2002, Hostgator.com, LLC has quickly grown from its humble beginnings in Boca Raton, Florida into one of the most respected names in the web hosting industry. Renowned for exceptional customer support and unrivaled in terms of customer satisfaction, Host Gator is poised to take the lead in the highly competitive and densely populated world of web hosting providers.
For more information!
Click Here |
|
|
 | Got Root?! 1&1 Dedicated Servers starting at $99 mo.
We guarantee the highest product quality, top security, and unshakeable reliability. 1&1’s advanced Data Centers have been built from the ground up using the most advanced technology available, giving our global network a strength that is beyond doubt. The power and stability of 1&1’s systems allows us to be first to market with web products that are innovative yet dependable.
For more information!
Click Here |
|
|
 | Get a full dedicated server starting at just $29.95!
ServerPronto is a dedicated hosting subsidiary of Infolink, one of a few profitable Data Center Corporations in the world. From it's beginning in January 1999, Infolink served the "Value Orientated" segment of the Internet market. Not by offering a sub-standard product at a low price, but by offering a top-quality, feature rich product at an incredible price. Since the beginning Infolink has enjoyed dramatic growth while other's in the industry have suffered. We operate our own network in the USA and maintain redundant Fiber Optic Rings which allow us to directly peer with Tier 1 Internet Backbones.
For more information!
Click Here |
|
|
