New Issue: Firepond raises $500,000 in first tranche of placement of shares

By Devika Patel

Knoxville, Tenn., Aug. 12 - Firepond, Inc. settled a $500,000 tranche of a private placement of stock. The deal could settle for up to $2 million.

The company sold 357,143 common shares at $1.40 apiece to its largest shareholder FP Tech. FP Tech has the option to buy up to $1.5 million more of the shares until June 30, 2009.

Based in Newton, Mass., Firepond sells sales management software.

Issuer:	Firepond, Inc.
Issue:	Common stock
Amount:	$2 million
Price:	$1.40
Warrants:	No
Investor:	FP Tech
Settlement date:	Aug. 12 (for $500,000)
Stock symbol:	OTCBB: FPND
Stock price:	$0.45 at close Aug. 11

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