WOBURN, Mass., Nov. 5, 2010 (GLOBE NEWSWIRE) -- Bridgeline Digital, Inc. (Nasdaq:BLIN), a developer of award-winning web engagement management software and interactive technology solutions, announced today that on October 1, 2010, the Company entered into a Securities Purchase Agreement with accredited investors to which the Company agreed to sell 1,000,000 shares of common stock at a purchase price of $1.00 per share. The transaction was completed on October 29, 2010. Joseph Gunnar & Co., LLC and Security Research Associates, Inc. served as placement agents for the transaction. The gross proceeds to the Company at the closing of this private placement were $1,000,000. Proceeds are to be used for general working capital purposes.
The shares of common stock issued in the transaction are restricted securities and may be sold only pursuant to Rule 144 or in another transaction exempt from the registration requirements under the Securities Act of 1933. Pursuant to the terms of the Purchase Agreement, the Company has agreed to provide piggyback registration rights with respect to the shares of common stock purchased in the transaction in the event the Company files a registration statement, with certain limited exceptions.
About Bridgeline Digital
Bridgeline Digital is a developer of an award-winning web engagement management platform and award-winning interactive business technology solutions that help customers leverage best in class web-based technologies to achieve their business objectives. The iAPPS Product Suite is an innovative SaaS solution that unifies Content Management, e-Commerce, e-Marketing, and Analytics capabilities into the heart of websites, online stores, intranets, extranets, and portals -- enabling business users to swiftly enhance and optimize the value of their web properties. The iAPPS Product Suite has been recognized by KMWorld Magazine as a Trend Setting Product of 2010. iAPPS Content Manager is the 2010 CODiE Award Winner for Best Content Management Solution, globally.
Combined with award-winning interactive technology development services by Microsoft Gold-Certified development teams, Bridgeline Digital helps customers to cost-effectively maximize the value of their rapidly changing web applications. Bridgeline's teams of developers specialize in web application development, e-commerce development, usability engineering, SharePoint development, rich media development, and search engine optimization.
Bridgeline Digital is headquartered near Boston, with additional locations in Atlanta, Baltimore, Chicago, Denver, New York, Philadelphia, Washington, D.C., and Bangalore, India. Bridgeline Digital has hundreds of customers ranging from middle market organizations to divisions within Fortune 1,000 companies that include: Sun Chemical, Honeywell, Healthcore, LG Electronics, Marriott International, Berkshire Life, PODS, Budget Rental Car, Washington Redskins, AARP, National Financial Partners, The Packard Foundation, DTCC, Cadaret, Grant & Co., National Insurance Crime Bureau, and the American Academy of Pediatrics. To learn more about Bridgeline, please visit www.bridgelinedigital.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions including the risks described in our filings with the Securities and Exchange Commission that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. We expressly disclaim any obligation to update any forward-looking statement.
CONTACT: Genesis Select, LLC Budd Zuckerman, President 303-415-0200 firstname.lastname@example.org Bridgeline Digital, Inc. Ronald Levenson, Executive Vice President & CFO 781-497-3015 email@example.com