booktech.com Enters into Investment Agreement to Secure $10 Million
WOBURN, Mass., Apr 2, 2001 (BUSINESS WIRE) -- booktech.com (AMEX: BTC), a first
mover in digital and on-demand publishing for education and training, has
entered into an agreement to secure $10 million to advance its business
objectives over the next 36 months, according to CEO Dr. Morris Shepard.
booktech.com has entered into an investment agreement with Cornell Capital
Partners, L.P., pursuant to which Cornell Capital will buy up to $10 million of
registered shares of booktech.com stock during the term of the agreement.
Cornell Capital's obligation to purchase the shares commences upon the
effectiveness of a registration statement registering the booktech common stock
to be sold. Under the terms of the investment agreement, booktech.com will be
able to sell to Cornell Capital, on a monthly basis, a predetermined amount of
its common stock to secure working capital. The sale price will be based upon,
among other things, the market price and volume of the Company's common stock on
the date of each sale.
Once received the new funding will enable booktech.com to accelerate the
completion of its Educators' Portal and Educators Online Library (TM) that will
help professors and teachers create and deliver educational and training
materials through the Internet. A portion of the funds may also be used to
facilitate strategic acquisitions and to consummate business-to-business
partnerships planned by the Company.
"This is perfectly timed," says Dr. Shepard, "because we now are experiencing a
strong demand from universities and other distance learning institutions for our
online services. This spring, we also expect dynamic growth in our capacity to
market custom textbooks and coursepacks in print, CD and electronic formats."
Continues Dr. Shepard, "The terms of the new funding will give us the
flexibility and freedom to acquire capital for purposes of our own choosing and
timing, depending on project, seasonal, or other factors."
About booktech.com
booktech.com (www.booktech.com) is a digital and online publisher of customized
textbooks, coursepacks, and other educational materials for higher education,
K-12, distance education, non-profit organizations, and corporate training.
Since its inception in 1995, booktech.com has published 7,000 individual
customized textbook titles for more than 3,000 professors on 500 campuses, in
addition to a dozen K-12 titles such as Breaking the Spanish Barrier and Trade
Routes. Company shares have traded on the American Stock Exchange since April 5,
2000 (AMEX: BTC).
Certain of the statements in this news release are forward-looking statements.
While these statements reflect the Company's beliefs, they are subject to
uncertainties and risks that could cause actual results to differ materially.
CONTACT: Olivia Communications
Jason Sundar, 866/623-3320
or
booktech.com
Patrick McHugh, 781/376-6364
.......According to the Great Pumpkin, ".....You're in .....iHub....., Charlie Brown....."!!!
.......According to the Great Pumpkin, ".....You're in .....iHub....., Charlie Brown....."!!!
