Message #3 From:
NewsBot Date: December 28, 2005 04:48:00 AM
PWHT News Migo Software Raises $2.5 Million of Equity Capital to Fund Growth
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Dec. 28, 2005--Migo Software today announced that it has raised $2.550 million through the private placement of equity securities consisting of 7,968,750 shares of common stock and three-year warrants to purchase 3,984,375 shares of common stock at $0.40 per share. Migo Software is a trade name of PowerHouse Technologies Group, Inc. (OTCBB:PWHT.OB).
The net proceeds from this private placement will be used for working capital and general corporate purposes.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security. The securities issued in the private placement have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws and may not be offered or sold in the United States absent registration under the Securities Act of 1933, as amended, and applicable state securities laws or an applicable exemption from registration requirements.
About Migo Software
Headquartered in Redwood City, CA, Migo Software, a trade name of PowerHouse Technologies Group, Inc., is a global provider of mobile computing software. With its patent-pending technology, the Company's award-winning Migo(R) mobile computing software increases business and personal computing portability, offering an information management solution for systems running Microsoft(R) Windows and Outlook email.
Migo Software's website (www.migosoftware.com) provides additional information on the full line of Migo mobile computing products. For further information on this press release, please contact Richard Liebman at rliebman@migosoftware.com.
Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in this press release that are not historical facts, including those statements that refer to PowerHouse Technologies' (dba Migo Software) plans, prospects, expectations, strategies, intentions, hopes and beliefs and the expected benefits of the use of PowerHouse's products are forward-looking statements. These forward-looking statements are not historical facts and are only estimates or predictions. Actual results may differ materially from those projected as a result of risks and uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings. These risks include, but are not limited to, risks related to: the effect of global economic conditions in general and conditions in the Company's industry and target markets in particular; shifts in supply and demand; commercialization and technological difficulties; capacity and supply constraints including dependence on flash component suppliers; changes in the Company's and its customers' inventory levels and in inventory valuations; timely product and technology development/upgrades and the ability to manage changes in market conditions as needed; market acceptance of new products and continuing product demand; the impact of competitive products and pricing on the Company's and its customers' products and markets; development, release and sales of new products by strategic suppliers and customers; and development and growth of anticipated markets for the Company's and its customers' products. All forward-looking statements included in this release are based upon information available to the Company as of the date hereof. Any forward-looking statements are based on information available to the company today and the company undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information, or otherwise. Reference to the Company's website above does not constitute incorporation of any of the information thereon into this press release.
