 |
1999 Press Releases
nFront, Inc.
Announces IPO |
Contact:
Jeffrey W. Hodges
Chief Financial Officer
nFront, Inc.
770-209-4460
nFRONT, INC. ANNOUNCES INITIAL PUBLIC OFFERING OF 3.9 MILLION SHARES OF COMMON STOCK
NORCROSS, Ga. (June 29, 1999) - nFront, Inc. (Nasdaq/NM: NFNT) today announced that a registration statement in connection with an initial public offering of 3,900,000 shares of common stock at a price of $10 per share has been declared effective by the Securities and Exchange Commission. nFront, Inc. is offering 3,500,000 of the shares, and the balance is being offered by certain selling shareholders. Managing underwriters for the offering are Hambrecht & Quist; J.C. Bradford & Co.; Raymond James & Associates, Inc.; and SoundView Technology Group.
The selling shareholders have granted the underwriters an option for a period of up to 30 days to purchase up to 585,000 additional shares to cover any over-allotments.
The net proceeds from the offering to nFront, Inc. will be used to repay indebtedness, to expand sales and marketing expenditures, to continue product development, and for general corporate purposes.
nFront is a leading provider of Internet banking solutions for small to mid-sized financial institutions. The Company's Internet banking services enable banks to provide consumers and businesses with an "Internet branch" for banking from the convenience of their own homes and offices, 24 hours a day, 7 days a week. The Company's common stock is traded on The Nasdaq National Market under the symbol NFNT.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A prospectus relating to these securities may be obtained from Hambrecht & Quist, One Bush Street, San Francisco, California 94104.
