SOUTH PLAINFIELD, N.J., May 24, 2004 (PRIMEZONE) -- Vertex Interactive Inc. (OTCBB:VETX), a provider of software technology for order fulfillment and inventory and warehouse management, today announced that in conjunction with the previously announced financing of up to $3 million with the NIR Group, through its Family of Funds, MidMark Capital has agreed to convert all of its outstanding senior secured debt into convertible redeemable preferred stock and to exercise certain of its warrants, the proceeds of which will be used to pay off $281,287 of principal indebtedness owed to MidMark under its Grid Note facility.
Wayne Clevenger, a principal at MidMark, stated, "This action is designed to further bolster the balance sheet of Vertex and provide the company, in conjunction with the new investment of up to $3 million, with what we believe to be the financial stability necessary for successful operations."
Hugo Biermann, Executive Chairman, stated, "We are enormously indebted to MidMark for their contribution to the success of the company."
About Vertex Interactive
Vertex Interactive is an international provider of supply chain management technologies. Vertex offers a comprehensive range of software systems and tools - from point solutions, to integrated end-to-end hardware and software solutions - for enterprise wide and collaborative supply chain optimization.
Safe Harbor
Certain statements contained herein may be forward-looking in nature and are therefore subject to risks and uncertainties that could cause actual results to differ materially. The Company's recent acquisition history, progress toward completing the integration of its acquisitions, history of operating losses, current expense levels compared with its sales, and the state of development of its product portfolio, coupled with the overall economic and competitive operating environments pose a number of risks investors should take into consideration in connection with assessing our financial and operating results. A more detailed discussion of these and other important risk factors can be found in the documents filed with the Securities and Exchange Commission on forms 10-K and 10-Q.
Towards the end of each fiscal quarter, Vertex Interactive will have a 'Quiet Period' when Vertex Interactive and its representatives will not comment concerning previously published financial expectations, and we disclaim any obligation to update during the Quiet Period.
The public should not rely on previously published expectations during the Quiet Period. Investors should not expect that these forward-looking statements will be updated or supplemented as a result of changing circumstances or otherwise, and Vertex Interactive disavows and disclaims any obligation to do so.
HTML: http://newsroom.eworldwire.com/wr/052104/10304.htm PDF: http://newsroom.eworldwire.com/pdf/052104/10304.pdf ONLINE NEWSROOM: http://newsroom.eworldwire.com/1612.htm LOGO: http://newsroom.eworldwire.com/1612.htm