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Monday January 31, 9:58 pm Eastern Time
Company Press Release
Upgrade International Corp. Completes $4.4 Million Financing
SEATTLE--(BUSINESS WIRE)--Jan. 31, 2000--Upgrade International Corp. (OTCBB:UPGD - news) is pleased to announce that is has completed a private placement of restricted Common Stock at $44 per share pursuant to Regulation S to Newton Investment Management Limited.
The placement resulted in a total of 100,000 shares being issued to a single investor belonging to the Newton Investment Management group. This brings the current number of outstanding shares of Common Stock to a total of 19,053,620 (does not include impact of options). Gross proceeds were $4,400,000. Since July 1998, Newton Investment Management Limited is a 75%-owned subsidiary of Mellon Bank Corporation (NYSE:MEL - news).
``Upgrade is pleased that an investor such as Newton Investment Management Limited has recognised the UltraCard technology. Moreover, we believe Newton will provide strategic insight in the further development and commercialization of Upgrade's affiliated Companies, UltraCard Inc., Efornet Inc., and Centurion Technologies Inc.,'' stated Daniel Bland, President of Upgrade International Corp.
Upgrade has applied the proceeds to working capital. Upgrade International Corp., through it ownership interest in UltraCard Inc., is engaged in the development and commercialization of a patented, revolutionary data storage technology. UltraCard applies conventional hard drive storage technology onto the surface of the standard magnetic stripe card and the integrated circuit chip card (smart card). This will provide numerous potential industrial users with a combination of high level security and up to 5 million (5MB) of data storage at the lowest cost in the industry. By comparison existing magnetic stripe and smart card technologies have 256 bytes and 16k of storage capacity respectively.
On Behalf of the Board of Directors,
Daniel Bland, President
This News Release may contain forward-looking statements relating to future results, performance, plans, events or other matters. Such statements involve numerous risks and uncertainties, including, but not limited to, risks and uncertainties pertaining to development of the Company's products and services and markets for such products and services, the timing and level of customer orders, competitive products and services and pricing, changes in economic conditions and the markets for the Company's products and services and other risks and uncertainties. Actual results, performance and events may differ materially. Readers are cautioned not to place undo reliance on these forward-looking statements which speak only of the date of this News Releases. The Company undertakes no obligation to release revisions to these forward-looking statements to reflect events or circumstances after the date of this News Release.
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Contact:
Upgrade International Corp.
Daniel Bland, 206/903-3116
Fax, 206/903-3117
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