News for 'SFE' - (Safeguard Repurchases Additional $42.2 Million of
Outstanding Convertible Debt)
WAYNE, Pa., Mar 15, 2004 (BUSINESS WIRE) -- Safeguard Scientifics, Inc.
(NYSE:SFE), a leader in developing companies primarily in the information
technology and healthcare life sciences areas, today announced that it
completed
the repurchase of an additional $42.2 million of face value of its 5%
Convertible Subordinated Notes due June 15, 2006. The repurchase was
completed
using a portion of the net proceeds from its recent sale of $150 million
of
2.625% Convertible Senior Debentures due 2024 to qualified institutional
buyers
pursuant to Rule 144A under the Securities Act of 1933, as amended.
To date, Safeguard has used $84.2 million of the net proceeds from its
offering
of 2.625% Convertible Senior Debentures to retire a portion of the 5%
Convertible Subordinated Notes due June 15, 2006, reducing the balance
outstanding under these notes to $115.8 million.
About Safeguard Scientifics, Inc.
Safeguard Scientifics (NYSE:SFE) is a company that seeks to create
long-term
value by taking controlling interests primarily in information technology
and
healthcare life sciences companies and developing them through superior
operations and management support. Safeguard's existing strategic
companies
focus on the following vertical markets: financial services, healthcare
and
pharmaceutical, manufacturing, retail and distribution, and
telecommunications.
For more information, visit www.safeguard.com.
Forward-Looking and Cautionary Statements
Except for the historical information and discussions contained herein,
statements contained in this release may constitute "forward-looking
statements"
within the meaning of the Private Securities Litigation Reform Act of
1995. Our
forward-looking statements are subject to risks and uncertainties. These
forward-looking statements that could cause actual results to differ
materially,
include, among others, managing rapidly changing technologies, limited
access to
capital, competition, the ability to attract and retain qualified
employees, the
ability to execute our strategy, the uncertainty of the future performance
of
our companies, acquisitions and dispositions of companies, the inability
to
manage growth, compliance with government regulations and legal
liabilities,
additional financing requirements, labor disputes, and the effect of
economic
conditions in the business sectors in which our companies operate, and
other
uncertainties described in the Company's filings with the Securities and
Exchange Commission. Many of these factors are beyond our ability to
predict or
control. In addition, as a result of these and other factors, our past
financial
performance should not be relied on as an indication of future
performance. The
Company does not assume any obligation to update any forward-looking
statements
or other information contained in this press release.
NOTE TO EDITORS: Safeguard is a service mark of Safeguard Scientifics,
Inc.
SOURCE: Safeguard Scientifics, Inc.
CONTACT: Safeguard Scientifics, Inc., Wayne
Investor Contact:
Deirdre Blackburn, 610-293-0600
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INDUSTRY KEYWORD: BANKING
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