Communication Intelligence Corporation Warrant Offering and Standby Stock Purchase Agreement Completed
REDWOOD SHORES, Calif. — January 6, 1995 — Communication Intelligence Corp. (OTC Bulletin Board: CICI) (CIC) announced Friday that the Warrant Offering and related Standby Stock Purchase Agreement have both been successfully completed for total gross proceeds of $5 million including cancellation of $1 million indebtedness discussed below.
The Warrant Offering, made to shareholders of record as of Nov. 1, 1994, closed Dec. 15, 1994. As a result of this offering 3.9 million common shares were issued at US $0.50 per share for gross proceeds of approximately US $2 million. Pursuant to the related Standby Stock Purchase Agreement on Dec. 28, 1994, 6.1 million common shares were purchased by CIC Standby Ventures L.P. at US $0.50 per share for gross proceeds of aproximately US $3.0 million. In total, 10 million common shares were issued at US $0.50 per share, for combined gross proceeds of $5 million. The common shares sold in the Warrant Offering are unrestricted, while the common shares purchased under the Standby Stock Purchase Agreement are restricted and have registration rights.
The sole General Partner of CIC Standby Ventures L.P. is Philip S. Sassower. In September, 1994, Sassower loaned CIC $1 million as an advance against the completion of the Warrant Offering and the Standby Stock Purchase Agreement. The notes evidencing these loans were surrendered to the company in payment of a portion of the purchase price of the shares issued to CIC Standby Ventures L.P.
Communication Intelligence Corp.
Communication Intelligence Corp. (CIC) develops, markets, and licenses natural input computer technology — products that use pen and image for input. Founded in 1981, CIC is the leading supplier of pen computing products to hardware manufacturers throughout the world, particularly its multilingual Handwriter (R) Recognition System and Dynamic Signature Verification (TM) software, and PenDOS (R) and PenMac (TM) pen operating environments.
CIC's intention is to preserve user investments in installed hardware and software products by allowing existing and new pen applications to operate on all major hardware and operating system platforms, including handheld and PDA systems. CIC develops and sells software and hardware for pen computing — designing all of its products with an open-architecture to encourage alliances with other companies. The company's Handwriter (R) Recognition System software is available in US and UK English, German, French, Italian, Spanish, and Japanese languages and is compatible with various operating systems. A Chinese language recognition system is currently under development.
CIC is headquartered in Redwood Shores, Calif., United States of America and has subsidiaries in Tokyo, Japan and Nanjing, China. CIC's stock is publicly traded as CICI on the OTC Bulletin Board.
Note to Editors:
Company and product names used herein are trademarks or registered trademarks of their respective companies.
CONTACT:
CIC
Maurice Boucher, 604/689-8588