AdStar Raises Approximately $595,000 From the Exercise of Warrants
07 January 2005 - 12:30AM
PR Newswire (US)
AdStar Raises Approximately $595,000 From the Exercise of Warrants
MARINA DEL REY, Calif., Jan. 6 /PRNewswire-FirstCall/ -- AdStar,
Inc. (NASDAQ:ADSTNASDAQ:ADSTW) today announced that it has raised
$594,872 from the exercise of 699,850 warrants at $0.85 per
warrant. The warrants had been issued to Paulson Investment
Company, or certain of its officers and employees, primarily as
compensation for their services in prior securities offerings and
originally had exercise prices ranging from $0.75 to $1.87 and
expiration dates ranging from September 25, 2005 to March 31, 2009.
According to Leslie Bernhard, chief executive officer of AdStar,
proceeds from the warrant exercise were primarily used to increase
the company's working capital, which had declined due to deposits
and other expenses associated with proposed acquisitions and
related expansion activities that had not been consummated by
year-end 2004. About AdStar, Inc. AdStar, Inc.
(NASDAQ:ADSTNASDAQ:ADSTW) is the leading provider of e-commerce
transaction software and services for the advertising and
publishing industries. AdStar's proprietary suite of e-commerce
services includes remote ad entry software and web-based ad
transaction services, as well as payment processing and content
processing solutions that are provided through its Edgil Associates
subsidiary, the industry's largest supplier of automated payment
processing services. AdStar's ad transaction infrastructure powers
classified ad sales for more than 40 of the largest newspapers in
the United States, the Newspaper Association of America's
bonafideclassifieds.com, CareerBuilder, and a growing number of
other online and print media companies. EdgCapture, Edgil's
automated payment process solution, is currently employed by call
centers at more than 100 of the nation's leading newspaper and
magazines. AdStar is headquartered in Marina del Rey, Calif., and
its Edgil office is located in North Chelmsford, Mass. For
additional information on AdStar, Inc., visit
http://www.adstar.com/. Forward Looking Statements This release
contains forward-looking statements concerning the business and
products of the company. Actual results may differ from those
projected or implied by such forward-looking statements depending
on a number of risks and uncertainties including, but not limited
to, the following: historical business has already matured, new
online business is unproven and may not generate expected revenues,
and Internet security risks. Other risks inherent in the business
of the company are described in Securities and Exchange Commission
filings, including the company's annual report on Form 10-KSB. The
company undertakes no obligation to revise or update any
forward-looking statements to reflect events or circumstances after
the date of this release. AdStar Company Contact: Jeff Baudo,
310-577-8255, AdStar Media Contact: Kevin Wilson, 513.885.5520,
DATASOURCE: AdStar, Inc. CONTACT: Jeff Baudo of AdStar, Inc.,
+1-310-577-8255, ; or Media, Kevin Wilson, +1-513-885-5520, , for
AdStar, Inc. Web site: http://www.adstar.com/
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