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Jade Takes Further Steps To Raise Capital

Published: Sun 11 Jan 2004 03:01 PM
Jade Takes Further Steps To Raise Capital For Expansion
Christchurch, 9 January 2004 - Jade Software Corporation’s redevelopment plan takes another step forward today, with the announcement that investors are exchanging more than $12 million of convertible notes* (issued two years ago) into ordinary shares in the company.
This changes the ownership of the company, with Founder Sir Gil Simpson’s shareholding sitting at around 15%.
The principal investors are Sir Gil Simpson, a syndicate of US Investors, funds managed by I-Cap (an overseas fund manager), staff and a number of local investors.
Jade Software Corporation CEO Dr Rod Carr says the conversion is part of an ongoing recapitalisation plan for the company necessary to support and fund the global growth of the JADE technology.
“This is a significant show of commitment to the JADE technology and the future of the company.”
Dr Carr says that progress on the redevelopment plan, coupled with better trading conditions, puts Jade Software Corporation on more solid ground for the New Year.
“JADE enters its seventh year on the market as a proven technology, deployed at over 600 sites around the world. We have sold more than $175m worth of JADE and JADE related services.”
Jade Software Corporation Founder and President, Sir Gil Simpson, remains in his key roles both at an operational level and as a director of the company. Sir Gil’s personal shareholding has changed, however his passion for and dedication to JADE remain as firm as ever.
“The company was founded more than twenty-five years ago, and our commitment to bringing the JADE technology to as wide a range of developers and customers as possible remains to this day. I continue as a director, a full time employee and as one of the most substantial shareholders.”
Sir Gil’s focus as President is on strategic relationships, product direction and business development.
“Late in 2003 we signed our first ever JADE contracts in North America which marks our successful entry into another strategic market.”
*Convertible notes gave investors the right to subscribe for ordinary shares in the company or to be repaid on maturity.

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