| ANTs software inc. Raises $7.5 Million |
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Finances Product Development and Acquisition of Inventa Technologies, Inc. BURLINGAME, Calif., May 21, 2008 – ANTs software inc. (OTCBB:ANTS), a leader in compatible, high-performance SQL database management systems, today announced that since March 2008 it has raised $7.5 million through a private offering of restricted common stock to accredited investors. The funds will be used to finalize the acquisition of Inventa Technologies, Inc. a provider of application and database managed services and for general working capital purposes, including: research and development, customer support and marketing and sales. “This financing gives us the funds to complete the acquisition of Inventa and provides the working capital needed to continue development and marketing of the ANTs Compatibility Server,” said Joseph Kozak, chairman and CEO of ANTs Software. “The ANTs Compatibility Server provides enterprises and database vendors with a fast, cost-effective method to move applications from one database to another – and enables end-users to achieve cost efficiencies by consolidating their applications onto fewer databases.” The shares of restricted common stock, were sold at $.60 per share, were not registered under the Securities Act of 1933, as amended (the “Act”), were sold in reliance upon Rule 506 of Regulation D and Section 4(2) of the Act and may not be offered or resold in the United States absent registration or an applicable exemption from registration requirements. In connection with this financing, the company will pay approximately $328,000 in cash commissions and will issue approximately 497,000 shares of common stock to a placement agent. ANTs software inc. # # # Company contact: This press release is neither an offer to sell, nor a solicitation of offers to purchase securities. The sales of the private securities mentioned above were made in reliance upon Rule 506 of Regulation D and Section 4(2) of the Securities Act of 1933, as amended (the “Act”) and such securities have not been 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 contains forward-looking statements within the meaning of the federal securities laws, including statements concerning product development activities and sales and licensing activities. Such forward-looking statements are not guarantees of future 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: that the recent financing will be insufficient for the Company’s needs; that the combination with Inventa might not meet the Company’s business goals; the market will not respond positively to the ANTs Compatibility Server, challenges arising from competition, 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 Compatibility Server, potential problems in protecting the Company’s intellectual property, and problems securing the necessary financing to continue operations should revenues not be sufficient to offset expenses. 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 10Q for the fiscal quarter ended March 31, 2008. 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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