Up: Yahoo - Phon-Net completes $1 million private placement with Institutional Investor Next: Page 2 Yahoo - Phon-Net completes $1 million private placement with Institutional Investor Page 1 of 2 http://biz.yahoo.com 3/30/99 Home - Yahoo! - Help Question: What should you expect from your online service? - - - Make Your Choice - - - Click for Answer [ Business | US Market | By Industry | IPO | AP | S&P | International | PRNews | BizWire ] Related Quotes PNET 0.453125 -0.016875 delayed 20 mins - disclaimer Get Quotes Tuesday March 30, 12:40 pm Eastern Time Company Press Release SOURCE: Phon-Net Corporation Phon-Net completes $1 million private placement with Institutional Investor SEATTLE, March 30 /CNW-PRN/ - Phon-Net, the developer of revolutionary software for the Internet, Tuesday announced it has raised $737,000 from an Institutional Investor through the sale of a regulation D, 504 private placement. This completes the $1,000,000 offering. The completed financing replaces the commitment by the original investor group, dated November 18, 1998. ``By completing the private placement, Phon-Net has eliminated any near term financing issue. This additional funding will be used for working capital and to develop additional market exposure and will fund our existing operations,'' said Brian Collins, President and CEO of Phon-Net Corporation. Phon-Net has aligned itself with a multitude of high-caliber, strategic Internet partners. Just a few of the partners include BCD-on-line, an Internet Service Provider and Virtual Merchant, a leader in credit card services for web based businesses. Each has the ability to move thousands of units through their existing channels of distribution. Every web-based business needs to have immediate interaction with web surfers. Phon-Net's proprietary technology will provide the ability to connect with consumers and increase revenues more than any other method currently available. This ability will enable Phon-Net to develop a substantial revenue base with profitability within the very first year. About Phon-net: One of the main objections by consumers about surfing the web is the lack of interaction on the Internet. Phon-net Direct Connect software takes a major step in satisfying this important customer need. Direct Connect allows businesses and consumers to interact at the Internet site, similar to the experience found in a physical store. This software, downloaded for free from the Internet, gives the consumer the ability to ``freeze the business'' website image on the computer screen. The consumer is then directly connected to the business using the same phone line as his/her Internet connection.