Remote Knowledge begins new Series B terms
HOUSTON – Remote Knowledge, Inc., a developer of remote communications solutions, said recently that certain of its key investors have agreed to a change in the terms of its Series “B” offerings previously announced April 1.
The investors have executed new Series “B” subscription agreements for 6,000 shares of Series “B” Preferred stock totaling an investment of $6,000,000, compared to $5,150,000 in the original Series “B” agreements. The funds will be distributed to the company based upon a pre-determined plan stretching from August 2004 until February 2005.
The distribution plan is based upon milestones of sales and delivery of the Company’s rk3000 units. The plan includes funds to cover the cost of manufacturing rk3000 units to fulfill sales orders under the milestone agreements. The first tranche of $1,250,000 is being funded immediately.
“We are pleased with this demonstration of continued strong support by our investors for the development and growth of this company,” said CEO Randy Bayne. “Remote Knowledge has made significant changes in the overall sales and marketing programs allowing the company to more broadly market its platform in key markets.
“However, these changes created a mismatch between the prior sales milestones and the investment tranches, which were based on a single distribution agreement. The revised Series “B” terms reflect our current operating strategy and give the company the flexibility necessary to work with multiple sales and distribution channels.”
- For more of the latest news, click here.
