|
July 23, 2004
WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--July 23, 2004-- CaminoSoft Corporation (OTC.BB:CMSF
-
News),
a leading provider of Information Lifecycle Management (ILM) solutions for Microsoft Windows 2000 and Novell NetWare environments, announced today it has received $750,000 from Renaissance Capital Group ("RENN") managed funds in the form of a two year secured note with 7% interest. The funds will be used to support business expansion and operations. As part of the funding, CaminoSoft issued five year warrants to purchase an aggregate of 1,415,094 shares of Common Stock at an exercise price of $0.53 per share.
Chief Financial Officer Stephen Crosson made the following comments with regard to the funding, "We received this funding from RENN as a continuing show of their support and commitment for CaminoSoft and its prospects for growth and profitability. With this new financing in place, we can leverage our business partnerships and the opportunities they have been presenting to CaminoSoft.
During the year we have expanded our executive management team with the addition of Michael Skelton as C.E.O. to focus the organization on sales. We have strengthened our position with partners to help promote and distribute our products and we have increased our sales pipeline including many large enterprise opportunities."
About CaminoSoft
CaminoSoft Corporation is a developer and manufacturer of software solutions that store, manage, and safeguard vast quantities of data created in a wide range of business and application settings. CaminoSoft's Information Lifecycle Management solutions for Microsoft Windows 2000 and Novell NetWare include comprehensive administrative policies that allow organizations to reclaim storage resources, dramatically reduce backup and recovery time, and control file retention. The company's Storage Management and High Availability solutions are available worldwide through commercial distributors, value-added resellers, and systems integrators. For further information, visit www.caminosoft.com.
This release may contain forward-looking statements that reflect the management's current views of future events and operations. These forward- looking statements are based on assumptions and external factors, including assumptions relating to regulatory action, capital requirements and competing products. Any changes in such assumptions or external factors could produce significantly different results.
Contact:
CaminoSoft Corporation
Richard Krueger, 805-370-3100
Fax: 805-370-3200
|
