New Issue: Network 1 Security closes $600,000 tranche of $2.7 million private placement

By Sheri Kasprzak

Atlanta, Jan. 13 - Network 1 Security Solutions Inc. closed a second tranche of a $2,685,000 private placement for $600,000.

The company sold 600,000 shares at $1 each.

Investors purchased a total of 2,685,000 shares in the offering.

The investors in the offering, which were led by Emigrant Capital, received warrants for a total of 2,013,750 shares, 1,342,500 of which are priced at $1.25 each and 671,250 of which are priced at $1.75 each. The warrants are exercisable for three years.

Based in New York, Network 1 acquires, develops, licenses, and protects data networking and telecommunications technologies. The company plans to use the proceeds for working capital.

Issuer:	Network 1 Security Solutions Inc.
Issue:	Stock
Amount:	$600,000
Shares:	600,000
Price:	$1
Warrants:	For a total of 2,013,750 shares in entire offering
Warrant expiration:	Three years
Warrant strike price:	$1.25 for 1,342,500 shares; $1.75 for 671,250 shares
Investors:	Emigrant Capital
Settlement date:	Jan. 13
Stock price:	$0.97 at close Jan. 13

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