Net Shepherd Sees Investment, Doubles Revenue
Page 1 of 1
Vanenburg Ventures BV of The Netherlands purchased all of the 1,666,667 shares being offered by Internet solutions firm Net Shepherd in a purchase totaling $500,000.
Fully exercised, the purchase will result in Vanenburg holding an 8% interest in the company.
"This investment fits with our strategy of attracting and obtaining strategic industry investment in the company," said Don Sandford, Net Shepherd President and CEO.
"Net Shepherd has created world class technology that is ready to be scaled and adopted in a wide range of commercial applications," said Jan Willem Krooshof, Vanenburg Ventures president. "Vanenburg will provide the capital and expertise to accelerate the growth and commercialization of Net Shepherd's technology."
Net consolidated loss for the period is $129,000 or $0.01 per share, a major reduction in net losses of $824,000, or $0.04 per share, in the same period of 1997.
The company has shown increasing revenues for the second straight quarter, but said it is not yet generating positive cash flow from operations.
Revenues were generated, the firm stated, through a combination of the Company's Internet community rating service (core to its Knowledge Management Tools) and the systems integration component of the business.