SQUM Sequiam Series A Convertible Preferred Stock Is Fully Converted
Market Wire - October 3, 2006 7:08 AM (EDT)
ORLANDO, FL -- (MARKET WIRE) -- Oct 03, 2006 -- Sequiam Corporation (OTCBB: SQUM), a leading provider of biometric technology and services, announced today that the holders of its Series A mandatorily redeemable cumulative convertible preferred stock have now converted all of their preferred stock holdings plus cumulative dividends into shares of the Company's common stock.
On November 30, 2005 Sequiam originally issued 1,575 shares of its Series A preferred stock to seven institutional investors, for total proceeds of $1,575,000. The preferred stock was non-voting and entitled the Purchasers to receive a 9% cumulative dividend payable semiannually. During the period April 24, 2006 to September 29, 2006 the preferred stock was converted into 7,500,000 common shares at a fixed price of $0.21 per share and the cumulative dividends of $44,956 were converted into 197,236 common shares at an average price of $0.23 per share.
Mark Mroczkowski, CFO of Sequiam Corporation, said: "Sequiam has successfully completed all of its obligations under the preferred stock agreement."
About Sequiam
Headquartered in Orlando, Florida, Sequiam Corporation develops, markets, and supports a portfolio of highly robust proprietary security, OEM and Biometric solutions. In addition, Sequiam provides research and development services for the biometric industry worldwide. Sequiam's solutions incorporate low-cost, high-volume manufacturing processes indicated for the consumer and small business markets. Sequiam is a global company with offices in Taiwan, China and South Africa. For more information, please visit www.sequiam.com.
SAFE HARBOR STATEMENT -- FORWARD LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the company and its subsidiaries. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by the company may differ materially from these statements due to a number of factors. Any forward-looking statements speak only as of the date made. Statements made in this document that are not purely historical are forward-looking statements, including any statements as to beliefs, plans, expectations, or intentions regarding the future. Risk factors that may cause results to differ from projections include, without limitation, loss of suppliers, loss of customers, inadequate capital, competition, loss of key executives, declining prices, and other economic factors. The company assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions.
Contacts:
Mark Mroczkowski
Executive Vice President & CFO
Sequiam Corporation
407-541-0773
Email Contact Email Contact
Investor Relations:
Stanley Wunderlich
CEO
Consulting for Strategic Growth 1
Tel: 1-800-625-2236
Fax: 1-212-337-8089
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