HELSINKI, Finland, Aug. 15, 2003 (PRIMEZONE) -- Proha Plc's subsidiary, Artemis International Solutions Corporation (AISC) has agreed on a line of credit up to USD 5 million with Laurus Master Fund Ltd (Laurus) to finance its business operations.
Laurus will have the right to convert any portion of the outstanding loan into AISC shares at a per share market price plus 25%. Pursuant to the terms of the agreement, Laurus' beneficial ownership in AISC is limited to 2.5%. In connection with the loan agreement, Laurus will receive a warrant to purchase 125,000 AISC shares. AISC has the right to repay the loan at any time.
AISC published its Quaterly Report (FORM 10-Q) on August 14, 2003. The report is available on the SEC website at www.sec.gov/edgar/searchedgar/companysearch.html under the name Artemis International.
CEO Pekka Pere, tel +358 (0)20 4362 000 pekka.pere@proha.com www.proha.com
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