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EXHIBIT 1
[LETTERHEAD OF MUSE TECHNOLOGIES]
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Contact: Steve Sukman or Christina Ward (505) 843-6873 [email protected]
MUSE Technologies To Receive Institutional Financing From Kingsbridge Capital
Ltd.
(Albuquerque, NM-- June 6, 2000 6:30 a.m. EDT)
MUSE Technologies, Inc. (Nasdaq: MUZE) announced today that it has
obtained a $US18 million equity-based line of credit from Kingsbridge Capital
Limited, an institutional investor specializing in equity line financing.
Proceeds from the transaction are intended for working capital to fund MUSE's
continuing expansion, as well as the development of data visualization software
products.
Under the terms of the financing arrangement, MUSE can incrementally draw
up to $18 million in cash over a two-year period in exchange for MUSE common
stock, issued at a 10 percent to 12 percent discount on a five-day average of
the lowest intra-day price of MUSE shares at the time of funding. The decision
to draw funds, as well as the timing and amount drawn from the equity line, are
at the company's discretion, subject to certain conditions and limitations based
on market price and trading volume.
According to Brian R. Clark, President of MUSE Technologies, "Recent
merger and acquisition activity has provided MUSE with a series of product and
revenue opportunities that will be facilitated and enhanced by the Kingsbridge
equity financing. We strongly believe that the structure and flexibility of this
funding vehicle will provide us with an exceptional degree of control over our
growth strategy."
Clark added, "In the pursuit of financing to expand our international
product development and marketing plan, we carefully considered a broad range of
equity-based investors and deal structures, and concluded that Kingsbridge
Capital offered a financing proposal that best met the company's needs at this
time. Their reputation, investment methodology and technology vision are of the
highest caliber, and we believe that the basis of a long and mutually rewarding
relationship between MUSE and Kingsbridge is one of shared philosophy, proven
history and a financing arrangement that best serves all parties involved."
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MUSE Technologies For Immediate Release
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Val O'Donoghue, Chairman of Kingsbridge Capital Limited, stated, "We are
extremely enthusiastic about MUSE Technologies and the potential exhibited by
its growing line of perceptual computing and data visualization products. The
company's foresight, strategy, software and performance suggest that it can
become the leading force in the visual computing revolution that is sweeping
across all industries and markets."
About MUSE Technologies
MUSE Technologies, Inc. (Nasdaq: MUZE) is an international leader in the
development of perceptual computing software. From headquarters in Albuquerque,
NM and offices in Houston, Washington D.C., London, Manchester (UK) and Paris,
the Company and its subsidiaries, Virtual Presence and MUSE Federal Systems
Group, provide a broad range of software, hardware, integration and development
solutions to corporate and government customers in an array of industries. For
more information on MUSE Technologies, call (800) 711-3899 or (505) 843-6873, or
visit the company's Web site at www.musetech.com.
Information contained in this press release includes statements that are
forward-looking. Actual results could differ materially from those projected in
the forward-looking statements. Information concerning factors that could cause
actual results to differ materially from those in the forward-looking statements
is described in MUSE Technologies' Annual Report on Form 10-KSB for the fiscal
year ended September 30, 1999 and the Company's 10-QSB filing for the quarter
ended March 31, 2000, both of which are on file with the Securities and Exchange
Commission.
(End)
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