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EXHIBIT 99.1
TUESDAY SEPTEMBER 12, 4:16 PM EASTERN TIME
PRESS RELEASE
INTELISPAN COMPLETES PRIVATE OFFERING TO WARRANT HOLDERS
ATLANTA -- (BUSINESS WIRE) -- Sept. 12, 2000 -- Intelispan, Inc. announced
today that it completed a private offering of securities to holders of certain
unit warrants and placement agent warrants. The terms of the offering permitted
these warrant holders to exercise their warrants on a cashless basis, pursuant
to the warrant agreements, at an exercise price of $0.50 per share (reduced
from $0.75 per share). For purposes of the cashless exercise, the market value
of the Company's common stock was deemed to be $4.00 per share. Holders of
approximately 40,186,000 of the 41,800,105 warrants elected to exercise their
warrants in the offering, which resulted in the Company issuing approximately
35,163,000 shares of restricted common stock. Because the warrants were
exercised on a cashless basis, the Company did not receive any proceeds from
the offering.
"We proposed this private offering as a method of reducing the significant
number of warrants in the company's capital structure," said Lee Provow,
Intelispan's president and ceo. "We are pleased with the response from our
shareholders and with the resulting change to our capital structure."
About Intelispan
Intelispan is a total Managed Network Services company specializing in secure
business-to-business communications solutions with a focus on emerging and
traditional companies and divisions experiencing high growth and rapid
transition in the new economy. The Company's total managed network solutions
provide complete, turnkey, outsourced development and management of
next-generation communications networks. Utilizing a comprehensive suite of
solutions built around secure Internet Protocol (IP) networking, the Company
provides a full line of Virtual Private Networks (VPN), as well as advanced
network design and project management.
Intelispan is registered mark of Intelispan, Inc.
Contact:
Intelispan Press
Katie Bush, 678/256-0314
[email protected]
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