Internet TV Company Narrowstep, Inc. Completes $10.5 Million Equity Financing
August 08 2007 - 10:59AM
Business Wire
Narrowstep� Inc. (OTCBB:NRWS), the TV on the Internet Company,
today announced that it has completed a private placement of its
common stock and warrants resulting in gross proceeds to the
company of $10,510,000. In this placement, the company issued
42,040,000 shares of common stock and five-year warrants to
purchase an additional 21,020,000 shares of common stock at an
exercise price of $0.50 per share. As part of this transaction, the
company's convertible note issued earlier this year, will also
convert into shares of common stock. RENN Capital Group acted as
lead investor in this transaction. Other investors included David
C. McCourt, the company�s largest individual shareholder, and the
company�s Chairman and CEO. For additional information please visit
us at http://www.narrowstep.com. Private Securities The securities
issued in the financing 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 requirements. About Narrowstep Narrowstep� Inc.
(OTCBB:NRWS), the TV on the Internet company, is a leading provider
of Internet TV services to 100+ companies worldwide. Narrowstep�s
propriety technology, the Television Operating System� or telvOS�
delivers the most television-like and true community building
Internet TV experience available. A pioneer in the IPTV spectrum,
Narrowstep offers the expertise to build channels, as well as
state-of-the-art technology that can send video to multiple
platforms. For more information about telvOS�, please visit
www.narrowstep.com/technology/internet-tv-software-platform.aspx
and for more information about Narrowstep, please visit
http://www.narrowstep.com or call (212) 404-1400. Forward Looking
Statements 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.
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