SAN MATEO, Calif., May 2 /PRNewswire/ -- Enlighten Software Solutions,
Inc. (Nasdaq: SFTW), today announced that it has completed the sale of 715,885
newly issued shares of common stock and redeemable warrants to purchase an
additional 715,885 shares of common stock for gross proceeds to the Company of
approximately $3.1 million. The Company sold the common stock at $4.225 and
the warrants at $0.125. The price for the common stock was determined based
on the five-day average closing price of the Company's common stock from April
17 through April 24, 2000. The private placement was completed entirely with
accredited investors as defined in Regulation D promulgated under the
Securities Act of 1933. The warrants have an exercise price of approximately
$4.65 per share and a term of five years.
Moors & Cabot, Inc. served as placement agent for the transaction for
which they will receive a cash commission and a warrant for 143,177 shares
which will have the same terms as the investor warrants. The Company
anticipates that the net proceeds of the offering will be used to fund product
development and sales and marketing activities and for other general corporate
purposes.
The shares of common stock have not been registered under the Securities
Act of 1933, as amended, and may not be offered or sold in the United States
absent registration or an applicable exemption from registration. Enlighten
has agreed to register the purchased shares for sale by the investors. This
press release does not constitute an offer to sell any of these shares of
common stock.
Enlighten Software Solutions, Inc. is a leading provider of single point
workgroup administration and event monitoring solutions for Linux, Unix, NT
and Windows in open systems distributed and Internet computing environments.
The company's award-winning EnlightenDSM product suite provides cost-effective
systems administration solutions for Linux (Red Hat, MandrakeSoft, SuSE and
TurboLinux), Sun Microsystems, IBM, Hewlett-Packard, SGI, SCO, NT and Windows
95/98. The EnlightenDSM product suite provides comprehensive functionality
with unprecedented ease of installation and use. The EnlightenDSM product
suite conforms to industry standard frameworks yet allows seamless integration
with other vendors' point solutions.
Except for the historical information contained herein, certain matters
discussed in this press release are forward-looking statements that involve
risks and uncertainties, such as anticipated use of proceeds from this
offering and the future registration of the common stock and shares issuable
upon exercise of the warrants. Actual results may differ materially from
those projected. Investors should consult the Company's filings with the
Securities and Exchange Commission, particularly the Company's Annual Report
on Form 10-K for the year ended December 31, 1999, for additional information
on risks and uncertainties relating to these forward-looking statements.
Enlighten is a registered trademark and EnlightenDSM is a trademark of
Enlighten Software Solutions, Inc. All other product and company names may be
registered trademarks or trademarks of their respective owners.
For more information, please visit the company's web site at
http://www.EnlightenDSM.com.
SOURCE Enlighten Software Solutions, Inc.
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Related links:
http://www.EnlightenDSM.com
CONTACT:
Bill Bradley, President & CEO, or Steve
Giusti, VP Finance & CFO of Enlighten Software Solutions, Inc.,
650-578-0700, or general, Rory Faber, investors, Chris Wood, or
media, Mary Wallace of The Financial Relations Board,
415-986-1591
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