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Article: ASI Announces New Financing Agreement With an Investment Fund Managed by Cannell Capital LLC; Cannell to Purchase $2 Million Convertible Note and Warrants to Purchase Common Stock; New Financing Will Virtually Eliminate ASI's Bank Debt And Provide Working Capital.
- Article from:
- PR Newswire
- Article date:
- March 22, 2002
CopyrightCOPYRIGHT 2002 PR Newswire Association LLC. 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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INDIANAPOLIS -- Analytical Surveys, Inc. (ASI) today announced it has signed a definitive agreement with an investment fund managed by Cannell Capital LLC (Cannell) in connection with the purchase of a $2 million senior secured convertible note, and the issuance of warrants to purchase additional shares of ASI's common stock. ASI will use the initial $2 million investment to extinguish virtually all remaining bank debt and for working capital. As a result of the transaction, Cannell will be entitled to appoint a majority of ASI's board of directors, and if the note is fully converted and the warrants exercised, Cannell will own a majority of ASI's outstanding common ...
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