NORFOLK, Va., May 11 /PRNewswire-FirstCall/ -- Waterside Capital Corp.
(Nasdaq: WSCC), A SMALL BUSINESS INVESTMENT COMPANY (SBIC) announced today
that the Stock Rights Offering (that was available to existing shareholders
only) resulted in the issuance of 458,873 additional shares of common stock
and gross proceeds to the company of $1.835 million before deducting
expenses. The company anticipates using the net proceeds of this offering
to make investments in new investment portfolio companies. Based on
preliminary calculations, 330,109 shares were subscribed for in the basic
subscription rights portion of the Rights Offering and 128,764 shares were
subscribed for in the over-subscription portion of the Rights Offering. The
company will deliver to subscribing rights holders, certificates
representing the shares of company common stock purchased in the Rights
Offering as soon as practical.
Following consummation of the Rights Offering, the company will have
1,915,548 shares of common stock outstanding.
About Waterside Capital
Waterside Capital Corporation is a Small Business Investment Company
(SBIC), headquartered in Norfolk, Virginia with a portfolio of
approximately $32.5 million of loans and investments in twenty companies
located primarily in the Mid-Atlantic region.
Visit Waterside's web site at http://www.watersidecapital.com
Except for historical information, all of the statements, expectations
and assumptions contained in the foregoing are "forward-looking statements"
including Waterside's optimism regarding the growth of its portfolio
companies (within the meaning of the Private Securities Litigation Reform
Act of 1995) that involve a number of risks and uncertainties. It is
possible that the assumptions made by management -- including, but not
limited to, investment opportunities, results, performance or expectations
-- may not materialize. Actual results may differ materially from those
projected or implied in any forward-looking statements. In addition to the
above factors, other important factors including the risks associated with
the performance of the Company's portfolio companies, dependencies on key
employees, delays, interest rates, the level of economic activity, and
competition, as well as other risks described from time to time in the
Company's filings with the Securities and Exchange Commission, press
releases, and other communications.
SOURCE Waterside Capital Corporation