Netsmart Technologies Reports a Successful Warrant Exercise
04 November 2003 - 4:05AM
PR Newswire (US)
Netsmart Technologies Reports a Successful Warrant Exercise Company
Adds $4.2 Million to Cash Balance, Now Has Over $3.00 Per Share in
Cash ISLIP, N.Y., Nov. 3 /PRNewswire-FirstCall/ -- Netsmart
Technologies, Inc. today announced that 423,000 of its Series B
Common Stock Purchase Warrants were exercised prior to October 31,
2003, resulting in $4.2 million in cash received by the Company.
James L. Conway, CEO of Netsmart, stated, "We are pleased to report
that over 90% of the Series B Warrants were exercised prior to
their expiration. The exercise of these warrants proved to be an
efficient and cost effective process of raising capital. As
previously announced, we plan to use the proceeds for general
corporate purposes that may include acquiring technologies or
businesses, which broaden or enhance our current product offerings
and presence in the marketplace." Mr. Conway further stated, "This
cash infusion further strengthens our balance sheet by increasing
our cash balance to approximately $16 million and working capital
to over $15.7 million. Our Company's only long-term debt is a $ 1.4
million loan payable to Fleet Bank. Our combination of strong
liquidity and cash flow provides us with the resources and
flexibility to actively pursue acquisitions intended to produce
accretive results for our shareholders." About Netsmart
Technologies, Inc. Netsmart Technologies, Inc. of Islip, N.Y.,
through Creative Socio-Medics, is an established, leading supplier
of enterprise-wide software solutions for health and human services
providers with over 580 clients, including 26 systems with state
agencies. Creative's clients include health and human services
organizations: public health agencies, mental health and substance
abuse clinics, psychiatric hospitals, and managed care
organizations. Avatar Practice Management and the Avatar Clinician
Work Station, Creative's core products, are full-featured
information systems that operate on a variety of operating systems,
hardware platforms, and mobile devices and offer unlimited
scalability. Statement on Behalf of Netsmart Technologies, Inc.
Statements in this press release may be "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Words such as "anticipate," "believe,"
"estimate," "expect," "intend" and similar expressions, as they
relate to the company or its management, identify forward-looking
statements. These statements are based on current expectations,
estimates and projections about the company's business based, in
part, on assumptions made by management. These statements are not
guarantees of future performance and involve risks, uncertainties
and assumptions that are difficult to predict. Therefore, actual
outcomes and results may, and probably will, differ materially from
what is expressed or forecasted in such forward-looking statements
due to numerous factors, including those described above and those
risks discussed from time to time in Netsmart's filings with the
Securities and Exchange Commission. In addition, such statements
could be affected by risks and uncertainties related to product
demand, market and customer acceptance, competition, pricing and
development difficulties, as well as general industry and market
conditions and growth rates, and general economic conditions. Any
forward-looking statements speak only as of the date on which they
are made, and the company does not undertake any obligation to
update any forward-looking statement to reflect events or
circumstances after the date of this release. Information on
Netsmart's or Creative's website do not constitute a part of this
release. DATASOURCE: Netsmart Technologies, Inc. CONTACT: Anthony
Grisanti of Netsmart Technologies, 1-800-421-7503, ext. 2011, ; or
Stuart Fine of Carpe DM, Inc., +1-908-490-0075, , for Netsmart Web
site: http://www.netsmartech.com/
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