booktech.com Enters into Investment Agreement to Secure $10 Million
Press release from the issuing company
WOBURN, MA--April 2, 2001--booktech.com (AMEX: BTC, news, msgs), a first mover in digital and on-demand publishing for education and training, has entered into an agreement to secure $10 million to advance its business objectives over the next 36 months, according to CEO Dr. Morris Shepard.
booktech.com has entered into an investment agreement with Cornell Capital Partners, L.P., pursuant to which Cornell Capital will buy up to $10 million of registered shares of booktech.com stock during the term of the agreement. Cornell Capital's obligation to purchase the shares commences upon the effectiveness of a registration statement registering the booktech common stock to be sold. Under the terms of the investment agreement, booktech.com will be able to sell to Cornell Capital, on a monthly basis, a predetermined amount of its common stock to secure working capital. The sale price will be based upon, among other things, the market price and volume of the Company's common stock on the date of each sale.
Once received the new funding will enable booktech.com to accelerate the completion of its Educators' Portal and Educators Online Library that will help professors and teachers create and deliver educational and training materials through the Internet. A portion of the funds may also be used to facilitate strategic acquisitions and to consummate business-to-business partnerships planned by the Company.
"This is perfectly timed," says Dr. Shepard, "because we now are experiencing a strong demand from universities and other distance learning institutions for our online services. This spring, we also expect dynamic growth in our capacity to market custom textbooks and coursepacks in print, CD and electronic formats."
Continues Dr. Shepard, "The terms of the new funding will give us the flexibility and freedom to acquire capital for purposes of our own choosing and timing, depending on project, seasonal, or other factors."
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