SAN RAMON, Calif., June 2, 2004 (PRIMEZONE) -- PowerHouse Technologies Group, Inc. (Pink Sheets:PWHT), the developer of the Migo, a mobile computing solution that enhances personal productivity, today announced that it has closed on approximately $9 million in funding of Convertible Preferred Stock with institutional investors. Middlebury Capital, LLC served as placement agent on the transaction, and IndiGo Ventures LLC acted as the Company's financial advisor. The Company expects to close on the sale of additional Convertible Preferred Stock later in June.
"This new infusion of capital will enable PowerHouse Technologies Group to accelerate production and marketing of our award-winning Migo product, a revolutionary mobile computing system that can be carried in your pocket or on a key-chain," stated Jay Elliot, the Company's Chief Executive Officer. "The Migo has been the object of much media attention since it was launched last November, prompting serious demand for our product. Additional financing will enable the Company to intensify its sales and marketing campaigns, as well introduce new Migo-based solutions and related products with enhanced software functionality, biometric security features, and significantly increased capacity."
The easily portable Migo, when plugged into a personal computer, captures a user's entire PC environment and replicates that personal desktop on any other compatible Windows-based computer at any location around the world. Migo's sophisticated synchronization software and advanced security distinguish it among an emerging class of "personal servers."
This news release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities.
About PowerHouse Technologies Group, Inc.
PowerHouse Technologies Group, Inc., (www.powerhousetechnologies.info), headquartered in San Ramon, Calif., develops, acquires and markets computing software and infrastructure technologies that improve the way mobile information is securely stored, carried and accessed.
SAFE HARBOR PROVISION
Certain statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Additional information concerning forward-looking statements is contained under the heading of risk factors listed from time to time in PowerHouse Technologies Group, Inc.'s filings with the Securities and Exchange Commission. We do not assume any obligation to update the forward-looking information.