Augment Systems, Inc., Announces Anticipation of Sale of Securities
27 July 2000
Augment Systems, Inc., Announces Anticipation of Sale of Securities
WEST NEWBURY, Mass. - Augment Systems, Inc., today is pleased to announce that it soon anticipates closing the sale of its preferred stock to Right2web.com, Inc. RTW will have the right to convert such preferred stock into 92% of the Company's common stock from time to time. Accordingly, the Company has sent "consent" forms to Augment stockholders as of July 12, 2000, requesting among other things, that stockholders approve: the RTW transaction; an increase in capitalization from 50,000,000 shares to 150,000,000 and; a reverse stock split. A majority of stockholder consents should be returned by August 12, 2000. Upon obtaining the consent of the majority of the Company's stockholders, the Company will distribute an Information Statement to stockholders.Augment Systems was a developer of Fibre Channel technology for the fast growing data storage/Fibre Channel market. Going forward the Company intends to update the proprietary Fibre Channel Technology originally developed and to build an integration and professional services firm and sales channel via acquisitions of strategic businesses.
The Company has obtained the agreement of its secured note-holders to convert into 5% of the equity of Augment Systems.