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Article: Paul G. Allen increases stake in Precision Systems; exercises warrants; lifts ownership to nearly 20% of company.
- Article from:
- Business Wire
- Article date:
- November 21, 1995
CopyrightCOPYRIGHT 1995 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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ST. PETERSBURG, Fla.--(BUSINESS WIRE)--Nov. 21, 1995--Precision Systems (NASDAQ:PSYS) announced Tuesday that Vulcan Ventures, the investment vehicle for Paul G. Allen, exercised warrants it held in the company.
The warrant exercise increases the investor's stake in Precision Systems to approximately 20% of the company's outstanding equity.
Vulcan Ventures exercised warrants to purchase 500,000 shares of the company's common stock at $5.00 per share, 500,000 shares of common stock at $6.00 per share, and 500,000 shares of common stock at $6.25 per share, for additional paid-in capital to the company of $8,625,000. Vulcan Ventures now owns 2,450,000 shares of ...