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Article: QSGI Completes Private Placement for $4.2 Million to Accelerate Growth within Data Security and Compliance Division.
- Article from:
- Business Wire
- Article date:
- December 20, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HIGHTSTOWN, N.J. -- QSGI INC. (PCX: QGI), the only data security and regulatory compliance provider offering a full suite of life-cycle services for a corporation's entire IT platform, today announced that it completed a private placement with a group of investors led by Pike Capital Partners, LP and Guerrilla Partners LP, for net proceeds of approximately $4.2 million. The preferred securities issued in the private placement consist of 143,333 shares of 6% Series A Preferred stock with a face value of $30 per share. Each Series A Preferred share is convertible into approximately 13.33 shares of QSGI common stock at a rate of $2.25 per common share. The proceeds will be ...
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