AXS-One Completes $5.0 Million Convertible Note Financing
May 31 2007 - 9:25AM
PR Newswire (US)
BlueLine Partners and William K. Jurika lead round RUTHERFORD,
N.J., May 31 /PRNewswire-FirstCall/ -- AXS-One Inc. (AMEX:AXO), a
leading provider of high performance records compliance management
software solutions, today announced that it has completed a
financing round with BlueLine Partners and William K. Jurika
resulting in the issuance of $5.0 million of convertible notes. The
notes mature in two years and bear interest at the rate of 6
percent per year. One half of the notes are convertible into
AXS-One common stock at a $1.00 conversion price; the other half of
the notes are convertible at a $2.50 conversion price. The Company
also issued warrants to the investors to purchase an aggregate of
2,000,000 shares of common stock at an exercise price of $0.01. If
all of the warrants are exercised and all of the notes are
converted into shares of common stock, the average purchase price
on all shares issued pursuant to this financing will be $.91 per
share. The transaction will result in net proceeds of approximately
$4.9 million after transaction expenses. In accordance with the
transaction documents, Timothy Bacci, a Managing Director of
BlueLine Partners will be appointed to the Company's Board of
Directors. The Board will increase to nine members. Mr. Bacci was a
co-founder of Vicinity Corporation, which was acquired by Microsoft
Corporation in 2002. In addition to Vicinity, Mr. Bacci has
previously served on the boards of directors of Instant802
Networks, Inc. and Syntrio, Inc. Bill Lyons, Chairman of the Board
and Chief Executive Officer of AXS-One noted, "We are extremely
pleased that BlueLine Partners and Bill Jurika, two of our existing
shareholders, have demonstrated their confidence in AXS-One by
leading this investment effort." The securities issued in the
private placement and issuable upon conversion of the notes and
upon exercise of the warrants have not been registered under the
Securities Act of 1933 and may not subsequently be offered or sold
by the investors absent registration or an applicable exemption
from the registration requirements. AXS-One has agreed to file a
registration statement covering the resale of the common stock
issuable upon conversion of the notes and upon exercise of the
warrants. For additional information, please refer to AXS-One's
current report on Form 8-K to be filed with the Securities and
Exchange Commission with respect to this transaction. Special Note
Regarding Forward-Looking Statements: A number of statements
contained in this release are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties that could cause actual
results to differ materially from those expressed or implied in the
applicable statements. These risks and uncertainties include, but
are not limited to: our ability to improve financial and sales
performance; potential vulnerability to technological obsolescence;
the risks that its current and future products may contain errors
or defects that would be difficult and costly to detect and
correct; the failure to successfully negotiate a waiver or
amendment of existing loan agreement covenants; potential
difficulties in managing growth; dependence on key personnel; the
possible impact of competitive products and pricing; and other
risks described in more detail in AXO's most recent Form 10-K and
other Securities and Exchange Commission filings. About AXS-One
Inc. AXS-One (AMEX:AXO) is a leading provider of high performance
Records Compliance Management solutions. The AXS-One Compliance
Platform enables organizations to implement secure, scalable and
enforceable policies that address records management for corporate
governance, legal discovery and industry regulations such as
SEC17a-4, NASD 3010, Sarbanes-Oxley, HIPAA, The Patriot Act and
Gramm-Leach Bliley. AXS-One's award-winning technology has been
critically acclaimed as best of class and delivers digital
archiving, business process management, electronic document
delivery and integrated records disposition and discovery for
e-mail, instant messaging, images, SAP and other corporate records.
Founded in 1978, and headquartered in Rutherford, NJ, AXS-One has
offices worldwide including in the United States, Australia,
Singapore, United Kingdom and South Africa. For further
information, visit the AXS-One website at http://www.axsone.com/.
AXS-One, the AXS-One logo, "Access Tomorrow Today," and AXSPoint
are registered trademarks of, and AXS-One Compliance Platform,
AXS-One Central, AXS-One Retention Manager, AXS-One Rapid-AXS,
AXS-Link for Desktop, AXS-Link for SAP, AXS-Link for Lotus Notes,
AXS-Link for Microsoft Exchange, AXS-One Data Archive Translator,
AXS-Link for File System Archiving, AXS-Link for .PST Management,
AXS-One Supervision, AXS-One Case Management, "The Records
Compliance Management Company" and AXS-Link are trademarks of,
AXS-One Inc., in the U.S. All other company and product names are
trademarks or registered trademarks of their respective companies.
Company Contact: IR Contact: Joseph Dwyer Brett Maas AXS-One Inc.
Hayden Communications (201) 935-3400 (646) 536-7331 DATASOURCE:
AXS-One Inc. CONTACT: Joseph Dwyer of AXS-One Inc.,
+1-201-935-3400, ; or Brett Maas of Hayden Communications,
+1-646-536-7331, , for AXS-One Inc. Web site:
http://www.axsone.com/
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