MANALAPAN, N.J., Aug. 12, 2004 (PRIMEZONE) -- Stratus Services Group, Inc., the SMARTSolutions(tm) Company (OTCBB:SSVG), announced today that it completed the final closing of its offering of up to a maximum of 12,500,000 units, with each unit consisting of one share of the Company's common stock and one common stock purchase warrant, after giving effect to its reverse split. The offering price was $.80 per unit. The exercise price of the warrants, each of which entitles the holder to purchase one share of common stock, is $.76 per share.
The offering was conducted on a $1,000,000.00 minimum, $10,000,000.00 maximum, "best efforts" basis by Essex & York, Inc., which acted as the Company's underwriter.
Total gross proceeds of the offering were $3,971,322 and net proceeds, prior to payment of the remaining costs of the offering, were $3,457,433. Total units sold in the offering were 4,964,153.
Stratus is a national provider of business productivity consulting and staffing services through a network of twenty-seven offices in seven states. Through its SMARTSolutions(tm) technology, Stratus provides a structured program to monitor and reduce the cost of a customer's labor resources. Through its Stratus Technology Services, LLC joint venture, the Company provides a broad range of information technology staffing and project consulting.
This news release includes forward-looking statements within the meaning of the federal securities laws that are subject to risks and uncertainties. Factors that could cause the Company's actual results and financial condition to differ from the Company's expectations include, but are not limited to, a change in economic conditions that adversely affects the level of demand for the Company's services, competitive market and pricing pressures, the availability of qualified temporary workers, the ability of the Company to manage growth through improved information systems and the training and retention of new staff, and government regulations.