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