Nexus Telocation Systems received a non binding term sheet from DBSI Investment for an investment of at least two million dollars, at a company pre-money valuation of $1.5 million, stated a press release.
In accordance with the term sheet DBSI shall be issued warrants, exercisable for a period of three years, to purchase additional shares of the company the number of which shall amount to 70 percent of the number of shares to be purchased in this financing round, at an exercise price per share of this financing round.
DBSI is currently conducting a due diligence review of the company. The Board of Directors of the company approved the terms of the term sheet and it will be brought to the approval of the shareholders of the company. The closing of the transaction is anticipated within 30 days. This term sheet replaces the term sheet entered into September 2002 as previously announced by Nexus on September 22, 2002. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
