US Dataworks announced the completion of a private placement of $4.65 million with certain major institutional investment funds. Under terms of the agreement signed April 16, 2004, the Company issued 2.89 million shares of common stock. In addition, the Company issued warrants to purchase up to 3.61 million shares of common stock at an exercise price of $1.61 per share.
US Dataworks expects to use the net proceeds from the private placement for working capital and general corporate purposes.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security. The aforementioned securities have not been registered under the Securities Act of 1933 and may not be offered or resold in the United States absent registration or an applicable exemption from registration requirements.
About US Dataworks
US Dataworks is a developer of payment processing solutions, focused on the Financial Services market, Federal, State and local governments, billers and retailers. Software developed by US Dataworks is designed to enable organizations to transition from traditional paper-based payment and billing processes to electronic solutions that automate end-to-end processes for accepting and clearing checks.