Netsmart (NASDAQ:NTST)
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Netsmart Technologies Reports a Successful Warrant Exercise
Company Adds $4.2 Million to Cash Balance, Now Has Over $3.00 Per Share in Cash
ISLIP, N.Y., Nov. 3 /PRNewswire-FirstCall/ -- Netsmart Technologies, Inc.
today announced that 423,000 of its Series B Common Stock Purchase Warrants were
exercised prior to October 31, 2003, resulting in $4.2 million in cash received
by the Company.
James L. Conway, CEO of Netsmart, stated, "We are pleased to report that over
90% of the Series B Warrants were exercised prior to their expiration. The
exercise of these warrants proved to be an efficient and cost effective process
of raising capital. As previously announced, we plan to use the proceeds for
general corporate purposes that may include acquiring technologies or
businesses, which broaden or enhance our current product offerings and presence
in the marketplace." Mr. Conway further stated, "This cash infusion further
strengthens our balance sheet by increasing our cash balance to approximately
$16 million and working capital to over $15.7 million. Our Company's only
long-term debt is a $ 1.4 million loan payable to Fleet Bank. Our combination
of strong liquidity and cash flow provides us with the resources and flexibility
to actively pursue acquisitions intended to produce accretive results for our
shareholders."
About Netsmart Technologies, Inc.
Netsmart Technologies, Inc. of Islip, N.Y., through Creative Socio-Medics, is an
established, leading supplier of enterprise-wide software solutions for health
and human services providers with over 580 clients, including 26 systems with
state agencies. Creative's clients include health and human services
organizations: public health agencies, mental health and substance abuse
clinics, psychiatric hospitals, and managed care organizations. Avatar Practice
Management and the Avatar Clinician Work Station, Creative's core products, are
full-featured information systems that operate on a variety of operating
systems, hardware platforms, and mobile devices and offer unlimited
scalability.
Statement on Behalf of Netsmart Technologies, Inc.
Statements in this press release may be "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. Words such as
"anticipate," "believe," "estimate," "expect," "intend" and similar expressions,
as they relate to the company or its management, identify forward-looking
statements. These statements are based on current expectations, estimates and
projections about the company's business based, in part, on assumptions made by
management. These statements are not guarantees of future performance and
involve risks, uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may, and probably will, differ materially
from what is expressed or forecasted in such forward-looking statements due to
numerous factors, including those described above and those risks discussed from
time to time in Netsmart's filings with the Securities and Exchange Commission.
In addition, such statements could be affected by risks and uncertainties
related to product demand, market and customer acceptance, competition, pricing
and development difficulties, as well as general industry and market conditions
and growth rates, and general economic conditions. Any forward-looking
statements speak only as of the date on which they are made, and the company
does not undertake any obligation to update any forward-looking statement to
reflect events or circumstances after the date of this release. Information on
Netsmart's or Creative's website do not constitute a part of this release.
DATASOURCE: Netsmart Technologies, Inc.
CONTACT: Anthony Grisanti of Netsmart Technologies, 1-800-421-7503,
ext. 2011, ; or Stuart Fine of Carpe DM, Inc.,
+1-908-490-0075, , for Netsmart
Web site: http://www.netsmartech.com/