Newburyport, MASS. - June 9, 1999 (PRIMEZONE) - Activeworlds.com, Inc. (OTC BB: AWLD), a leader in three-dimensional Internet technology, today announced that it has signed a letter of intent for an underwriting with NYSE-member investment bank HD Brous & Co., Inc. of Great Neck, New York. The underwriting will consist of 1,200,000 units, with each unit comprising of one share of common stock and one common stock purchase warrant. Additionally, Activeworlds has received $900,000 in capital through an equity private placement conducted by HD Brous & Co., Inc.
"We are working to carry out our strategy to become the leading three-dimensional Internet platform," commented JP McCormick, Chairman of Activeworlds. "With each additional level of financing, Activeworlds will further advance the development of its technology, as well as hone its marketing and sales focus. Activeworlds is promoting its technology in its effort to become the 3D Internet standard. Furthermore, once this capital is fully deployed, we are hopeful our overall revenues will surpass our internal targets."
According to Howard Brous, Chairman of HD Brous & Co., Inc., "We are delighted to have initiated this long-term relationship with Activeworlds. In this Internet age, we are constantly reviewing opportunities that are at the forefront of technology, and believe Activeworlds has one of the most exciting technologies that we have seen."
According to Activeworlds President Rick Noll, "Over the past year, we have intensified our focus on licensing the Active Worlds (tm) platform to our clients. We have been delighted thus far not only with the responses we have received, but with the utilization of our technology." Noll continued, "With recent examples, such as the virtual premiere of the movie "The Thirteenth Floor" and the e-commerce-oriented world "@Mart", we believe these financings will provide Activeworlds with the necessary resources to position the Company to maintain its lead in the 3D Internet marketplace."
About Activeworlds.com, Inc. (http://www.activeworlds.com)
Active Worlds (tm) unique technology allows thousands of simultaneous users to build 3D content in the same shared environment, ideally suited for such applications as e-commerce, chat and distance learning. Our market research indicates that presently there are no comparable products available on the market in terms of speed, reliability, animation, scalability, functionality, and ease of use. Activeworlds.com, Inc. currently receives over one million impressions per day and is experiencing over 1,000 new downloads a day of its browser which is used to access this environment. Active Worlds (tm) 3D Uniservers are being used by companies such as Boeing, NASA, Carlsberg Beer, Philips Multimedia, the US Government, and Centropolis Studios, which has recently announced that they will be using the Active Worlds platform for the first Internet movie premiere of their new release, "The Thirteenth Floor".
Safe Harbor Statement
Investors should carefully consider the preceding information as well as other information contained in this press release before making an investment in the Common Stock. Information contained in this press release contains "forward-looking statements" which can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "should," or "anticipates" or the negative thereof or given that the future results covered by the forward-looking statements will be achieved. The preceding matters constitute cautionary statements identifying important factors with respect to such forward-looking statements, including certain risks and uncertainties that could cause actual results to vary materially from the future results covered in such forward-looking statements. Other factors could also cause actual results to vary materially from the future results covered in such forward-looking statements.
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