SANTA CLARA, Calif., April 4 /PRNewswire-FirstCall/ --
First Virtual Communications (Nasdaq: FVCX), a leading provider of Web
conferencing and collaboration solutions for IP, ISDN and ATM networks, today
announced that it has entered into a binding agreement to sell common stock
and warrants to purchase common stock to investors in a private placement for
aggregate proceeds of approximately $4.8 million. The closing is expected to
occur on or about April 10, 2002.
Pursuant to the terms of the agreement, the company will issue 6,686,000
shares of common stock at $0.72 per share and warrants to purchase 3,343,000
shares of common stock at an exercise price of $1.01 per share. The warrants
are exercisable for five years, commencing six months from the closing date.
The investors in the financing include Special Situations Fund and Net One
Systems, a leading system integrator in Japan, as well as two members of the
Company's board of directors and others.
About First Virtual Communications
First Virtual Communications is a world leader in providing Web
conferencing and collaboration solutions to enterprises, telecommunications
service providers and government agencies. By enabling interactive voice,
video, chat and data collaboration over IP, ISDN and ATM networks, First
Virtual provides cost-effective, integrated end-to-end solutions for
large-scale deployments to enterprise desktops. The Company's flagship
product, Click to Meettm, provides a complete framework for delivering a new
generation of video-enabled Web collaboration applications that address the
real-time communications needs of companies worldwide. Click to Meettm can be
integrated seamlessly into popular messaging and collaboration environments
such as MSN Messenger and Microsoft Exchange/Outlook. First Virtual serves its
customers through a worldwide network of resellers and partners. Additional
information about First Virtual Communications can be found on the Web at
http://www.fvc.com.
Cautionary Statement
Except for the historical information contained herein, this news release
contains forward-looking statements, including, without limitation, statements
containing the words, "believes," "anticipates," "expects" and words of
similar import. Such forward-looking statements have known and unknown risks,
uncertainties and other factors that may cause the actual results, performance
or achievements of First Virtual Communications, or industry results, to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include,
among others: the risk that the financing will not close as scheduled, or at
all, market acceptance of video technology, potential inability to maintain
business relationships with telecommunications service providers, distributors
and suppliers, rapid technological changes, competition and consolidation in
the video networking industry, the importance of attracting and retaining
personnel, and other risk factors referenced in First Virtual Communications'
public filings with the Securities and Exchange Commission, including the
Company's report on Form 10-K for the year ended December 31, 2001, filed with
the Securities and Exchange Commission on April 1, 2002.
NOTE: All trademarks are recognized.
SOURCE First Virtual Communications
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Related links:
http://www.fvc.com
CONTACT:
Timothy A. Rogers, Chief Financial Officer of
First Virtual Communications, +1-408-567-7200, or trogers@fvc.com
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