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Vertex Interactive Announces Further Completion of Additional $500,000 Bridge Financing; Second Tranche of $4 Million in New Financing.
Business Editors
PARAMUS, N.J.--(BUSINESS WIRE)--Jan. 9, 2003
Vertex Interactive, Inc. (OTCBB:VETX), a leading provider of supply chain execution solutions, today announced that its Enterprise Software Division had closed on a further $500,000 of bridge financing.
This is the second tranche of a new funding initiative for the Enterprise Software Division pursuant to which Charles Street Securities, Inc ("CSS") will underwrite, on a best efforts basis, together with MidMark Capital, and subject to certain conditions, up to $3.8 million of new equity financing directly into the Enterprise Software Division, all as previously announced. This brings the total of new funding received by the Company to approximately $1 million.
This funding was provided by MidMark Capital.
Hugo Biermann, Executive Chairman, stated, "This is the second step in providing a substantial capital infusion on which to grow our Enterprise Software business. We are obviously very gratified by the continued support of Midmark Capital."
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