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Warp 9 Announces Early Termination of Convertible Debenture, Eliminates Associated Dilution Risk
Jun 12, 2008 (10:06 AM EDT)
SANTA BARBARA, Calif., June 12 /PRNewswire-FirstCall/ -- Warp 9, Inc. , the premier provider of robust e-commerce platforms and services, today announces that it has prepaid in full the convertible debenture issued by previous management to Cornell Capital Partners LP (now YA Global Investments). This will immediately cease the harmful dilution to the Company's capital structure previously associated with the periodic conversions of the debenture.
Management has been working to reduce the Company's debt burden and this convertible debenture has been a significant focus. The prepayment is the final major step in the Company's debt reduction plan. The Company can now focus its efforts on growing its revenue and profitability. The company is optimistic that the stock price will now come to reflect a much more accurate valuation.
Warp 9 powers some of the most successful e-commerce websites for retailers such as http://www.magellans.com http://www.carabella.com http://www.ablambdin.com , and Spiegel Brands' , and .
About Warp 9
Warp 9, Inc. ( http://www.warp9inc.com ) is the premier provider of enterprise-class e-commerce platforms and services to mid-sized businesses in the catalog and retail industry. With a proven track record and years of experience in the industry, Warp 9's comprehensive and scalable suite of software platforms and technologies for online catalogs, e-mail marketing, and interactive visual merchandising help businesses leverage the Internet to increase sales. Offered on a fully managed Software-as-a-Service model, Warp 9 products deliver unique benefits to its customers by reducing total cost of ownership, lowering upfront cost, providing faster time to market and being a one-stop-shop for all things e-commerce. Known for its outstanding customer service, Warp 9 powers some of the most successful e-commerce sites for companies like Magellan's and Spiegel.
Safe Harbor Statement:
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
CONTACT: Media Relations, T. Harris of Warp 9, Inc., +1-805-964-3313, ext.103
Web site: http://www.warp9inc.com/ http://www.magellans.com/ http://www.carabella.com/ http://www.ablambdin.com/