USA: Network Systems Closes The Sale Of Its Common Stock
The proceeds from the sale of this stock were used to reduce Network's outstanding indebtedness to Wachovia Bank NA.
In addition to the sale of newly issued shares by Network, four of Network's current management shareholders, Robbie M Efird (the current chairman of the board and chief executive officer), EW "Sonny" Miller Jr, David F Christian and James W Moseley, have sold 2,700,000 of their shares of Network stock to Herbert Tabin, a managing partner of Millennium, for $1,500,000, or approximately $0.56 per share, in a second private placement arranged by Millennium.
Except for Robbie M Efird, all members of the existing board of directors have resigned. Mr Efird has resigned as chairman of the board and chief executive officer of the company. By agreement of the parties, Mr Efird will continue to serve on the board of directors during a brief transition period. Mr Tabin has been appointed to serve on the board of directors with Mr Efird and as the president of the company. Mr Efird and other officers of Network will remain with the company and serve as directors and officers of the two subsidiaries of Network. As previously announced, Network has an option to require the four selling shareholders to purchase the subsidiaries of Network.
Network Systems International Inc is a vertical market company that specializes in providing industry specific solutions to the textile, apparel, home furnishings and printing industries. The company's integrated applications provide customers a complete system for managing the enterprise and supply chain. Founded in 1985, Network Sytems International, Inc is headquartered in Greensboro, North Carolina with offices in Dallas, Texas and Duncan, South Carolina.
Safe Harbor Act Disclaimer: This release may contain forward looking statements that involve risk and uncertainties, including without limitations, continued acceptance of the Company's products and services, increased levels of competition, new products and technological changes, the Company's dependency on financing third party suppliers and intellectual property rights, material customers, the Company's business concentration risk within the textile industry, and other risks. The Company's actual consolidated financial results during 2000, and beyond, could differ materially from those expressed in any forward looking statements made by, or on behalf of, the Company.
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