SANTA CLARA, Calif., April 16 /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 on April 12, 2002 it closed its previously announced private
placement for aggregate proceeds of approximately $4.8 million.
Pursuant to the terms of the financing, the company issued
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 Meet(TM), 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 Meet(TM) 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: 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, as amended, filed with the Securities and Exchange
Commission.
All trademarks are recognized.
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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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