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Vote of Confidence from Investors in Current Go-To-Market Strategy
SAN FRANCISCO—September 23, 2009--ANTs software inc. (OTCBB:ANTS), a leader in database migration solutions, has secured over $1.4M in equity financing through a private placement of common stock and warrants to accredited investors and the exercise of preferred stock warrants from an existing investor. The company filed a current report on Form 8-K yesterday disclosing the terms of the transaction. The funding provides ANTs with working capital and additional financial flexibility to execute their strategic growth initiatives. The sales of these securities were made in reliance upon Rule 506 and Section 4(2) of the Securities Act of 1933, as amended (the “Act”) and such securities have not been registered and will not be registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release is neither an offer to sell, nor a solicitation of offers to purchase, securities.
The company intends to use this funding for general corporate purposes and to supply database migration technology to a Global IT vendor. An OEM agreement has been completed, signed by both parties and recently announced. Confidentiality provisions of the agreement preclude the naming of the vendor at this time.
“We are very pleased to have obtained this financing from accredited investors and existing shareholders, as it demonstrates their continued confidence in the company and its go to market strategy,“ said Joseph Kozak, Chairman and CEO of ANTs Software. “Our private placement investors understand our technology and continue to support and facilitate its commercial growth and expand our footprint in the marketplace.”
About ANTs software, inc.
The mission of ANTs Software is to help customers drive down IT operating costs by consolidating hardware and software infrastructure and eliminating cost inefficiencies. To this end, ANTs develops and sells the ANTs Compatibility Server (ACS), an innovative middleware solution that accelerates database consolidation between database vendors, enabling application portability. In addition to ACS, ANTs offers a complete portfolio of services ranging from architecting or managing IT infrastructure, to full application performance tuning and administrative services. ANTs is a public company with headquarters in San Francisco, California. Our shares trade on the OTC Bulletin Board under the symbol: ANTS. For more information visit, www.ants.com.
Contact:
Launchpad IR
Todd Fromer/Blake Brooks
212-896-1215 /646-205-7769
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ANTs software inc.
Cesar Rojas
650-931-0535
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Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements concerning financial projections, financing activities, product development activities and sales and licensing activities. Such forward-looking statements are not guarantees of future results or performance, are sometimes identified by words of condition such as “should,” “could,” “expects,” “may,” or “intends,” and are subject to a number of risks and uncertainties, known and unknown, that could cause actual results to differ materially from those intended or anticipated. Such risks include, without limitation: problems securing the necessary financing to continue operations should revenues not be sufficient to offset expenses, problems encountered in commercializing the ANTs technology, potential of undetected infringing technology or non-infringing competitive technologies, difficulties experienced in product development, roadblocks experienced in sales and marketing activities, longer than expected sales processes, difficulties in recruiting knowledgeable and experienced personnel, possible problems in migrating applications using the ANTs Compatibility Server (ACS), and potential problems in protecting the Company’s intellectual property. Further information concerning these and other risks is included in the Company’s filings with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2008 and the Company’s most recent Quarterly Report on Form 10-Q for the quarter ended June 30, 2009. The Company undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances occurring after the date of this press release.
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