Message #1 From:
Stock News Bot Date: June 26, 2006 05:00:00 AM
CPPT News CompuPrint, Inc. Completes $1 Million Private Placement; Debtenture Converts Into Common Stock at Significant Premium to Current Share Price
NEW YORK--(BUSINESS WIRE)--June 26, 2006--CompuPrint, Inc. (OTCBB: CPPT), an energy technology company that combines satellite-based technology with traditional exploration services, announced today that it has completed a $1 million private placement of 7% convertible debentures maturing in December, 2008 with Kiev Investment Group, an affiliate of Enficon Establishment.
The debentures are convertible into shares of the Company's common stock at $1.00 per share until August 15, 2006, thereafter at $1.50 per share until October 16, 2006, and at $1.75 per share until January 16, 2007. The shares are convertible at all subsequent times at $2 per share. Proceeds will be used for working capital and general corporate purposes.
"We are pleased that Kiev Investment Group has recognized the potential of our technology, and has agreed to provide us with financing that converts to common stock at levels significantly above the current price of our shares," said Roman Rozenberg, Chief Executive Officer. "This additional funding will be helpful in our pursuit of oil and gas properties in which to deploy our promising technology, and to further the development of properties we already own."
The shares underlying the convertible debenture have not been registered.
About CompuPrint, Inc.
CompuPrint, Inc., through its wholly owned subsidiary, Terra Insight Corporation, provides mapping, surveying, and analytical services to exploration, drilling, and mining companies. The Company primarily uses the STeP technology, which facilitates the prediction and location of commercially viable deposits of hydrocarbons, gold, diamonds, and other natural resources. It manages and interprets geologic and satellite data to develop the assessment of natural resources. Through the Company's other wholly owned subsidiary entities, the Company owns leases for oil and gas parcels totaling more than 16,000 acres of land in the Rail Road Valley and White River Valley areas of Nevada for purposes of utilizing its STeP technology in oil and gas exploration and development activities. Terra Insight Corporation was formed in 2005 and is based in New York City. For more information visit http://www.terrainsight.com.
This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. There are many factors that could cause the Company's expectations and beliefs about its plans to acquire additional exploration properties, plans to drill or drilling results to fail to materialize: competition for new acquisitions; availability of capital; unfavorable geologic conditions; and prevailing prices for oil and natural gas and general regional economic conditions.
