Pfsweb (NASDAQ:PFSW)
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From Jun 2019 to Jun 2024
PFSweb, Inc. (Nasdaq:PFSW), a global provider of
business process outsourcing (BPO) solutions and web commerce
retailer, today announced that it has sold to certain institutional
investors 5,000,000 shares of common stock at $1.00 per share in a
private placement, resulting in gross proceeds of $5.0 million.
"We believe this transaction will further strengthen PFSweb's
solid financial position as well as support our recent growth
initiatives," said Thomas J. Madden, Senior Partner and Chief
Financial Officer. "We believe our strong management team and our
world class service offerings clearly position us to capitalize on the
opportunities ahead."
The securities sold in this private placement have not been
registered under the Securities Act of 1933 or any state securities
laws and unless so registered may not be offered or sold except
pursuant to an exemption from, or in a transaction applicable state
securities laws. However, PFSweb has agreed to file a registration
statement within 45 days for the resale of the shares of the common
stock. This announcement is neither an offer to sell nor a
solicitation of an offer to buy any of these securities.
About PFSweb, Inc.
PFSweb develops and deploys integrated business infrastructure
solutions and fulfillment services for Fortune 1000, Global 2000 and
brand name companies, including third party logistics, call center
support and e-commerce services. The company serves a multitude of
industries and company types, including such clients as Adaptec,
CHiA'SSO, FLAVIA(R) Beverage Systems, Hewlett-Packard, International
Business Machines, Nokia, Raytheon Aircraft Company, Rene Furterer
USA, Roots Canada Ltd., Smithsonian Institute and Xerox.
Through its wholly owned eCOST.com subsidiary, PFSweb also serves
as a leading multi-category online discount retailer of high-quality
new, "close-out" and refurbished brand-name merchandise for consumers
and small business buyers. The eCOST.com brand markets more than
100,000 different products from leading manufacturers such as Apple,
Canon, Citizen, Denon, Hewlett-Packard, Nikon, Onkyo, Seiko, Sony, and
Toshiba primarily over the Internet and through direct marketing.
For more information, please visit the company's websites at
http://www.pfsweb.com and http://www.ecost.com.
The matters discussed herein consist of forward-looking
information under the Private Securities Litigation Reform Act of 1995
and is subject to and involves risks and uncertainties, which could
cause actual results to differ materially from the forward-looking
information. PFSweb's Annual Report on Form 10-K and Form 10-Q for the
year ended December 31, 2005 and quarter ended March 31, 2006,
respectively, identify certain factors that could cause actual results
to differ materially from those projected in any forward looking
statements made and investors are advised to review the Annual Report
and Quarterly Report and the Risk Factors described therein. These
factors include: our ability to retain and expand relationships with
existing clients and attract and implement new clients; our reliance
on the fees generated by the transaction volume or product sales of
our clients; our reliance on our clients' projections or transaction
volume or product sales; our dependence upon our agreements with IBM;
our dependence upon our agreements with our major clients; our client
mix, their business volumes and the seasonality of their business; our
ability to finalize pending contracts; the impact of strategic
alliances and acquisitions; trends in the market for our services;
trends in e-commerce; whether we can continue and manage growth;
changes in the trend toward outsourcing; increased competition; our
ability to generate more revenue and achieve sustainable
profitability; effects of changes in profit margins; the customer and
supplier concentration of our business; the unknown effects of
possible system failures and rapid changes in technology; trends in
government regulation both foreign and domestic; foreign currency
risks and other risks of operating in foreign countries; potential
litigation; our dependency on key personnel; the impact of new
accounting standards and rules regarding revenue recognition, stock
options and other matters; changes in accounting rules or the
interpretations of those rules; our ability to raise additional
capital or obtain additional financing; our ability and the ability of
our subsidiaries to borrow under current financing arrangements and
maintain compliance with debt covenants; relationship with and our
guarantees of certain of the liabilities and indebtedness of our
subsidiaries; whether outstanding warrants issued in a prior private
placement will be exercised in the future; the transition costs
resulting from our merger with eCOST; our ability to successfully
integrate eCOST into our business to achieve the anticipated benefits
of the merger: eCOST's potential indemnification obligations to its
former parent; eCOST's ability to maintain existing and build new
relationships with manufacturers and vendors and the success of its
advertising and marketing efforts; and eCOST's ability to increase its
sales revenue and sales margin and improve operating efficiencies.
PFSweb undertakes no obligation to update publicly any forward-looking
statement for any reason, even if new information becomes available or
other events occur in the future. There may be additional risks that
we do not currently view as material or that are not presently known.