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Exhibit 99.8
INFORMATION ARCHITECTS SECURES $11.6 MILLION IN EQUITY FINANCING
CHARLOTTE, N.C.--(BUSINESS WIRE)--June 8, 2000--Information Architects (iA;
NASDAQ: IARC), providers of XML-based real-time aggregation and syndication
solutions, today announced that they have secured $11.6 million of equity
financing.
Wayne Thomas, iA's Chief Financial Officer, stated: "The Internet infrastructure
marketplace is very strong and SmartCode(R) is being well received by the all
types of business'." Mr. Thomas continues, "We are very pleased that this
financing will provide us with a strong balance sheet from which we can make
sound but aggressive marketing decisions and should have ample cash to carry us
to a profitable financial position."
The $11.6 million of equity financing was obtained through the private placement
of convertible Preferred Stock that was priced at 5 1/2% above the closing
market price on June 1, 2000. The placement is supported with warrants for
common stock that are also priced at $7.00 per converted share. Both the
preferred stock and warrants have a 65 day lock-up period during which time
there can be no conversion.
ABOUT INFORMATION ARCHITECTS (iA)
iA (NASDAQ: IARC - news) offers real-time data aggregation and syndication
solutions for the web through its patented SmartCode suite of products.
SmartCode provides simultaneous data aggregation and syndication from multiple
data sources and displays the collected data as a single seamless view.
SmartCode enhances the overall user experience, promoting site stickiness and
loyalty while reducing IT overhead. Further information about iA is available at
http://www.ia.com.
FORWARD LOOKING STATEMENTS
The foregoing statements made in this press release that are not historical
facts contain "forward-looking information" within the meaning of the Private
Securities Litigation Reform Act of 1995, and Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended,
which can be identified by the use of forward-looking terminology such as "may",
"will", "anticipates", "expects", "projects", "estimates", "believes",
"continue" or "should", the negative thereof, other variations or comparable
terminology. Important factors, including certain risks and uncertainties with
respect to such forward-looking statements that could cause actual results to
differ materially from those reflected in such forward looking statements
include, but are not limited to, our ability to manage growth and acquisitions
of technology and people, the ability to attract and retain technical personnel,
variations in quarterly operating results, significant current and expected
additional competition, the need to continue to develop our products, the need
to continue to expand product distribution and services offerings and other
risks detailed from time to time in our SEC reports. We assume no obligation to
update the information in this release.
Contact:
Information Architects, Charlotte
Tom Dudchik, 704/367-2049
[email protected]
