Narrowstep Announces $7.4 Million Equity Financing
February 22 2006 - 4:05PM
PR Newswire (US)
Proceeds to Fund Business Plan and Future Growth LONDON and NEW
YORK, Feb. 22 /PRNewswire-FirstCall/ -- Narrowstep(TM) Inc
(OTC:NRWS) (BULLETIN BOARD: NRWS) , the TV on the Internet Company,
today announced that it has entered into definitive agreements for
the sale of common stock and warrants for a total purchase price of
$7.4 million, of which $5.84 million has already been received.
Pursuant to this financing, the investors agreed to purchase a
total of 12,333,333 shares at a purchase price of $0.60 per share.
The investors will also receive five-year warrants giving them the
right to purchase an aggregate of 12,333,333 shares, half at $0.60
per share and the other half at $1.20 per share. The Company
expects to receive the remaining $1.56 million on or prior to March
7, 2006. Under the terms of the transaction, the Company is
obligated to register the shares and the shares issuable upon the
exercise of the warrants for resale by the investors. "I am very
excited about Narrowstep's future," said Iolo Jones, Chief
Executive Officer. "This should provide us with the funds necessary
to execute our business plan and drive the next phase of our
growth." Narrowstep is the leading provider of IP-delivered video
content based on its award-winning TelVOS(TM) platform -- the most
comprehensive commercial video and audio management system on the
market. Narrowstep customers range from sports organizations to
government agencies, broadcasters and telecommunication providers
in Europe, the United States and Asia. With over 70 channels
launched, Narrowstep customers and channels include ITV, the UK's
top commercial broadcaster, the Torino 2006 Paralympic Winter
Games, as well as Sail.tv, London TV, and Cycling.tv. For a full
list of channels as well as live broadcast events, please visit
http://www.narrowstep.com/. Granahan McCourt Capital, LLC was the
lead investor along with MicroCapital, LLC and Sano Ventures.
Dominick & Dominick, LLC acted as placement agent. About
Granahan McCourt Capital, LLC Granahan McCourt Capital, LLC is a
private investment firm focused on investments in the
telecommunications and media industries. Founder and CEO David C.
McCourt has built, bought, and sold 10 companies in this related
space over the last 25 years and has long been recognized as a
transformational force in the telecommunications and media
industries (http://www.granahanmccourt.com/). About MicroCapital,
LLC MicroCapital, LLC is a San Francisco-based registered
investment advisor that focuses on investing in micro-cap growth
companies that have the potential to grow into small-cap companies.
About Dominick & Dominick, LLC Dominick & Dominick, founded
in 1870, provides advisory services to corporate and institutional
investors as well as a full wealth management platform meeting the
needs of wealthy individuals. About Narrowstep(TM) Inc
Narrowstep(TM) Inc (OTC:NRWS) (BULLETIN BOARD: NRWS) is a leading
provider of Internet-based video content delivery (TV on IP).
Narrowstep's product and service offerings enable customers to
distribute channels of video-based content and provide related
services over the Internet. The Narrowstep system, TelVOS(TM),
enables comprehensive delivery of video content and television-like
programming to mobile, wireless, Internet, broadband and broadcast
services to clients throughout the world. The Narrowstep system
enables owners and users of video content to reach audiences by
"narrowcasting" -- targeting delivery of specific content to
interested groups. To learn more, visit http://www.narrowstep.com/.
Forward-looking Statement Certain statements in this news release
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known or unknown risks,
including those detailed in the Company's filings with the
Securities and Exchange Commission, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company, or industry results, to be materially different from
any future results, performance or achievements expressed or
implied by such forward-looking statements. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. For further information
please contact Narrowstep CFO Steve Crowther, Tel: 609 951 2221;
Email: , or Jesse Deal (investors), Allen & Caron, 212 691
8087; Email: . DATASOURCE: Narrowstep Inc CONTACT: Steve Crowther,
CFO of Narrowstep, +1-609-951-2221, ; or Investors, Jesse Deal of
Allen & Caron, +1-212-691-8087, , for Narrowstep Inc Web site:
http://www.narrowstep.com/ http://www.granahanmccourt.com/
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