SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 9, 1999
COMTEX News Network, Inc.
(Exact Name of Registrant as Specified in Charter)
New York 0-10541 13-3055012
(State or Other Jurisdiction (Commission File Number) (I.R.S.
of Incorporation) Employer Identification)
4900 Seminary Road, Suite 800, Alexandria, Virginia 22311
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (703) 820-2000
COMTEX SCIENTIFIC CORPORATION
(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
On December 9, 1999 COMTEX News Network, Inc. (the
"Company") announced the closing of a private placement. The
Company sold 1,300,000 shares of restricted common stock to
accredited private investors at $1.00 per share.
ITEM 7. EXHIBITS
The following exhibits are filed as part of this report
on Form 8-K:
Exhibit No. Title
99.1 Press Release, dated December 9, 1999.
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
COMTEX News Network, Inc.
By: /S/ AARON N. DANIELS
Aaron N. Daniels
Vice President, Finance & Administration
and Chief Financial Officer
Dated: December 13, 1999
2
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EXHIBIT INDEX
Exhibit No. Title
99.1 Press Release, dated December 9, 1999.
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COMTEX News Network, Inc.
4900 Seminary Road, Suite 800
Alexandria, VA 22311
NEWS RELEASE
CONTACT:
Amy Gutowski
Phone: 703-820-2000 or [email protected]
INVESTOR RELATIONS:
Amber Gordon
Phone: 703-820-2000 or [email protected]
FOR IMMEDIATE RELEASE
COMTEX NEWS NETWORK RECEIVES $1.3 MILLION IN PRIVATE OFFERING
ALEXANDRIA, Va., December 9, 1999 - COMTEX (OTC BB: CMTX)-COMTEX News
Network, Inc., the premier real-time news source distributed by over 375
Internet services, today announced the closing of a private round of
funding. The Next Generation Fund, LLC, New River Capital Partners, Wien
Securities, members of the Board of Directors, management team and other
private investors purchased 1,300,000 shares of restricted common stock at
$1.00 per share.
"COMTEX continues to grow and expand its network of publishers and
distributors at rapid speed, further establishing the organization as the
benchmark for outstanding performance and real-time news delivery," said
Charles W. Terry, President & CEO of COMTEX News Network. "Proceeds will
be used to accelerate sales, marketing and new product development as we
move forward delivering state of the art value-added real-time news and
information to an ever expanding market."
"COMTEX is a true and proven business-to-business Internet content
provider and infomediary," said Carl Ekstein, General Partner, The Next
Generation Fund, LLC. "COMTEX has the technology, customer base, business
model, management team and growth potential to attract high expectation
venture capital."
"As a participant in the private offering and a member of the COMTEX Board
of Directors," said John Sanders, financial advisor, "I believe that with
the strong executive team and relationships with leading publishers and
distributors, COMTEX is heading toward outstanding success."
About COMTEX News Network
COMTEX News Network, Inc., a public company (OTC BB: CMTX), is the leading
news network serving over 375 companies with real-time news to benefit
millions of end-users in the Internet, personal investing, Wall Street and
corporate markets. Each day, COMTEX can electronically sort 100,000
stories from over 45 global publishers, including The Associated Press,
Phillips, Business Wire, United Press International, The Sports Network
and South American Business Information, to create its subject-specific
CustomWiresR, headline and vertical-market news products. Located in
Alexandria, VA, COMTEX can be found on the World Wide Web at
http://www.comtexnews.net.
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About Next Generation Fund, LLC
The Next Generation Fund, LLC, a Fairfax Virginia based venture capital
firm, puts the know-how and capital of nearly 100 successful technology
and financial executives together with promising early stage companies.
These active investors are a "veritable Who's Who of technology in
Washington" according to Washington Technology. The fund leverages its
investor/advisors' acumen in technology, finance, and management to ferret
out promising early stage companies, assist with due diligence, and mentor
portfolio companies. Founded in 1997, the Next Generation Fund works with
the next generation of communications, information technology and Internet
technology firms in the mid-Atlantic area.
About New River Capital Partners
New River is a private equity fund developing a "balanced portfolio" of
quality companies. Headquartered in Ft. Lauderdale, FL, New River Capital
Partners is focused on three main areas; consumer brands, the Internet,
and education and training and invests in companies that are implementing
unique business-to-business models and will be the leaders in large or
emerging markets and can generate double-digit growth and profit margins.
About Wien Securities
Wien Securities Corp. is a privately owned and operated broker/dealer
headquartered in Jersey City, New Jersey. Founded in 1983 as a
market-making broker/dealer, Wien expanded into the direct-access day
trading <day-trading.htm> industry in 1997 and is a leader in the
industry. Wien Securities Corp. is a registered broker/dealer with the
SEC and is a member of both the NASD and SiPC.
Note: All product and company names may be trademarks or registered
trademarks of their respective holders.
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