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Artificial Life Completes Funding Round Raising $8.9 Million

BOSTON, March 31 /PRNewswire/ -- Artificial Life Inc. (Nasdaq: ALIF) today announced the completion of a Private Equity Round of financing raising a total of $8.9 Million.

"The goal for this round was to leverage the impact of our share valuation while minimizing dilution to our existing shareholder base. The Company sold 302,500 Common Shares in the round for an average price of $27.11 per Share and 80,125 Warrants for an average price of $9.59 per Warrant. The Warrants have an exercise price range of between $32.375 and $35.00 per Share. This is a very positive result in comparison to our IPO a little over a year ago in which we sold 1,600,000 Common Shares at a price of $8.50 per Share. The lead investor was A&A Actienbank and its Early Bird fund buying a total of 150,000 Shares," said Rob Pantano, CFO of Artificial Life, Inc.

"We are very pleased with this round of financing. The dilution was kept at a minimum. The investors shared our vision and were impressed with our technology. We declined further offers because we believe any additional dilution would not be favourable for our shareholders at this time taking into account the positive developments that are going on right now in the Company. However, the funds raised will help us to bridge the time until we conduct a secondary public offering. The funds raised will be used to augment our cash- flow for general operations, to establish new web-services, to go forward with the mobile computing initiative and to do targeted marketing," said Eberhard Schoneburg, Chairman and CEO of Artificial Life, Inc.

About Artificial Life

Founded in 1994, Artificial Life, Inc. (Nasdaq: ALIF) develops, markets, and supports intelligent software robots for the Internet. The company offers uniquely conversational bot-based products for customer service, consultative selling, Web site navigation, automated e-mail response, and Internet-based financial portfolio management.

Artificial Life is headquartered in Boston, Massachusetts, U.S.A, and maintains subsidiaries in Switzerland, Germany, and Russia.


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aus der Diskussion: Artificial Life XVIII Fundamentals
Autor (Datum des Eintrages): ideefixx  (31.03.00 16:11:34)
Beitrag: 93 von 246 (ID:731159)
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