AltiGen Communications Closes Equity Financing
December 11 2013 - 7:58PM
Marketwired
AltiGen Communications Closes Equity Financing
Capital to Support New Cloud Business Initiative
SAN JOSE, CA--(Marketwired - Dec 11, 2013) - AltiGen
Communications, Inc. (OTCQX: ATGN), a leading provider of
Microsoft-based Unified Communications solutions, today announced
it has completed a private placement transaction of $1M through the
sale of its common stock. The company issued approximately 6.7
million shares of its common stock at a purchase price of $0.15 per
share. The private placement transaction closed on December 5,
2013. Company management and accredited investors participated in
this transaction. The proceeds from the transaction will be used to
fund the company's new private cloud business initiative and for
general operating capital.
Based on its all-software Unified Communications (UC) platform,
the new MaxCS Private Cloud solution will enable both new and
existing customers to substantially eliminate the capital expense
traditionally associated with deploying on premise business
communications systems. MaxCS Private Cloud will be sold and
supported by AltiGen's extensive certified reseller partner
channel, many of which are currently involved in various stages
customer cloud-based deployments.
One such organization is Affiliated Technology Solutions (ATS),
AltiGen's long time top producing reseller partner. According
to Tom Welsh, Managing Director of ATS, "The new MaxCS Private
Cloud solution is opening up a significant number of new business
opportunities for ATS. The combination of an all software UC
solution which can be deployed in the customer's data center or in
the cloud, provides customers with the ultimate
flexibility. Because of the many new business prospects
enabled by MaxCS Private Cloud, my company was genuinely excited to
participate in AltiGen's equity raise and to help drive the company
to the next level."
"The new round of funding allows AltiGen to further focus and
expand our MaxCS Private Cloud initiative", said Jeremiah Fleming,
President and CEO of AltiGen Communications. "We are pleased
that ATS, AltiGen's long time, well respected and successful
partner, has not only adopted MaxCS Private Cloud in a big way, but
also has made a sizeable investment in AltiGen. Moreover,
having the AltiGen management team significantly contribute to the
equity raise sends a strong message that we are serious about
taking AltiGen to new levels of success."
The securities described herein have not been registered or
qualified for sale under the Securities Act of 1933, or any state's
securities laws. Such securities are offered pursuant to exemptions
from such registration or qualification. These securities are
exempt from registration under Rule 506 of Regulation D of the
Securities Act of 1933.
Safe Harbor Statement The Forward-looking statements contained
in this press release are based upon the Company's current
expectations, beliefs, plans and assumptions, which are subject to
a number of risks and uncertainties including, but not limited to:
statements regarding the continued market acceptance of our
Microsoft-based Unified Communications solutions, the successful
introduction of our MaxCS Private Cloud product offering, and our
ability to take the Company to new levels of success. Actual
results in future periods are subject to risks and uncertainties
that could cause actual results to differ materially from those
projected.
The forward-looking statements contained in this press release
are also subject to unknown risks and uncertainties, including but
not limited to, risks related to AltiGen's limited operating
history. For a more detailed description of AltiGen's performance,
please refer to AltiGen's audited Annual Report filed with the
OTCQX over-the-counter market for the fiscal year ended September
30, 2012. Since these statements involve risks and uncertainties
and are subject to change at any time, the Company's actual results
could differ materially from expected results. Forward-looking
statements speak only as of the date the statement was made. The
Company does not undertake any obligation to update any
forward-looking statements.
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