7/1/2003 - SBE Inc. (NASDAQ: SBEI), a leading supplier of high performance OEM network connectivity solutions, announced that it had completed a private placement of 500,000 shares of its common stock and warrants to purchase 50,000 shares of its common stock for $1.50 per share, resulting in gross cash proceeds to the Company of $550,000. The equity investment was made on June 27, 2003 by a New York based investor group led by Puglisi Capital Partners, L.P.
Puglisi & Co., a New York based securities broker dealer that specializes in investment banking, institutional sales and equity trading, acted as placement agent in connection with the financing. As compensation for the financing, Puglisi & Co. received a cash commission and certain affiliates of Puglisi & Co. received warrants to purchase 150,000 shares of SBE common stock at prices from $1.50 to $2.00 per share. The Company has agreed to register on Form S-3 under the Securities Act of 1933 the shares of common stock sold in the private placement and the shares of common stock issuable upon exercise of the warrants.
"This investment enables us to aggressively pursue a targeted acquisition," said William B. Heye, Jr. president and CEO of SBE. "We are pleased to have the support of these new investors as we continue the work of growing this business," Heye concluded.
"The investors’ support and investment in SBE underscores our confidence in the company for the future," said Jeff Puglisi, President and CEO of Puglisi & Co. "SBE’s expanding base of communications customers, as well as recent partnerships with industry recognized leaders, provides us with confidence of their ability to achieve their plan," he added.
SBE provides high performance, standards-based products for a wide range of applied computing applications. Our broad offering of WAN and LAN adapters along with our HighWire family of communication controllers enable the delivery of cost-effective network connectivity interfaces across the full range of next generation networking systems.
SBE is a Nasdaq traded company (NASDAQ: SBEI) with products sold world-wide through direct sales, OEM and System Integration partners. For more information, visit the company's web site at www.sbei.com.
SBE and the SBE logo are registered trademarks of SBE, Inc.
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