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Eagle Broadband Completes $10.6 Million Bond Offering
League City - Dec 08, 2003 Eagle Broadband, Inc said Friday that the company has successfully completed a $10.6 million Q-series bond offering. The net proceeds from the private convertible offering totaled $10.6 million, approximately $7 million of which has been raised in the last 120 days. The company is using the proceeds to accelerate the company's expansion plans, reduce accounts payables, settle a number of outstanding lawsuits and improve the company's balance sheet, cash position and liquidity. The funds raised from this Q-bond offering are in addition to the previous financing announced on August 26, 2003. The company has been selling this private offering to accredited investors over the past year but most of the purchases have occurred recently with the appreciation of the Eagle Broadband stock price. The five-year Q-bond is convertible into Eagle common stock only during the first year at the option of the purchaser based on a trailing thirty-day average stock price at the bond purchase date. Dave Weisman, CEO of Eagle Broadband, commented, "We are very pleased with the extremely favorable response to our Q-bond offering from both new and existing shareholders. The continued strong support from investors has enabled Eagle to continue to invest in key business segments and execute on our strategic business plan which includes ensuring Eagle has the necessary funds to grow and expand in order to accelerate revenue growth and maximize shareholder value." Key areas the company is continuing to invest in include: Eagle's turnkey suite of broadband infrastructure finance, design, implementation, operation and support services for municipalities, real estate developers, hotels, multi-tenant units and service providers to drive recurring revenues from Eagle's exclusive "four-play" of Bundled Digital Services (i.e. high-speed Internet access, phone, cable TV, security monitoring, etc.). Eagle's Orb' Phone Exchange satellite-based system that enables airline, government, military and enterprise customers to deliver "total" global communications services to users in non-line-of-sight environments. Further development and enhancements to Eagle's state-of-the-art, High-Definition TV-ready, IP Set-Top Box (STB) product portfolio to capture revenues from such high-value customer applications as bundled digital services for hotel and apartment owners, hospital or home-based patient monitoring, video-conferencing-based distance learning, etc. Managed IT and professional services for residential, business and enterprise customers including security/network monitoring, help desk, field technical support, wiring/cabling, project management, intrusion detection, managed firewall, anti-virus protection, etc. "We are also using the additional funds to expand the company's reach in select high-growth markets, boost sales and marketing programs and further enhance Eagle's product offerings to ensure we are able to fully meet customer needs. The additional funds are also helping us fully capitalize on the increased momentum within our target markets and new sales opportunities that our recent contract wins and customer successes have generated," Weisman added. Community Email This Article Comment On This Article Related Links Eagle Broadband SpaceDaily Search SpaceDaily Subscribe To SpaceDaily Express Satellite-based Internet technologies
iPod Dominance A Mirage
Chicago (UPI) Jan 09, 2006Though Apple Computer has reported remarkable success with its iPod - sales rose by 250 percent during the last fiscal year - there is some competition coming this week for the developer of the world's most famous, legitimate music downloading network, experts tell United Press International's Networking. |
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