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.”
In a related announcement, Net Shepherd said that revenues for the second
quarter ended June 30 increased nearly 200 percent to $979,000 from
revenues of $495,000 in the first quarter of 1998.
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.
