Numerex Completes $10 Million Financing Agreement With Laurus Master Fund
Wireless software maker Numerex Corp. said Tuesday it completed a $10 million financing agreement with investment firm Laurus Master Fund Ltd., and said it expects to meet or beat internal revenue guidance for the quarter and fiscal 2006.
The financing is in the form of a convertible note with a fixed term of four years and a fixed interest rate of 9.5 percent. The company also issued warrants to Laurus to buy a total of 158,562 shares at $10.13 each.
Numerex said it will use the money to fund strategic initiatives, including joint ventures, co-marketing programs and acquisitions.
The company now has $20 million in cash and cash equivalents and $15 million in debt.
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