Wireless Ronin Technologies, Inc. Retires 12% Convertible Bridge Notes
Minneapolis, Minn.—January 3, 2007 -- Wireless Ronin Technologies, Inc. (NASDAQ: RNIN) today announced that substantially all of the holders of the Company’s 12% convertible bridge notes have converted to common stock.
Holders of $5,413,429 principal amount of 12% convertible bridge notes converted the principal balance of such notes and $342,126 in accrued interest into an aggregate of 1,798,611 shares of our common stock. The remaining 12% convertible bridge notes not converted in a principal amount of $335,602, with accrued interest of $70,483, were repaid in cash.
“I am very pleased with the response we’ve received from our note holders during this time,” said Jeffrey Mack, CEO and President of WRT. “We are very encouraged by their continued support to the current and future success of the company.”
The Company was obligated to repay the notes within 30 days of the closing of its initial public offering, which took place on November 30, 2006. As a result of the foregoing, the Company has retired all of the 12% convertible bridge notes and the number of the Company’s outstanding shares of common stock has increased from 8,027,010 shares to 9,825,621 shares.
About Wireless Ronin Technologies, Inc.
Wireless Ronin provides dynamic digital signage solutions targeting retail and service markets. Digital signage is an electronic communication media viewed on a video display. A common example of digital signage is an electronic billboard display in an arena or other public area. Through a software suite marketed as RoninCast, Wireless Ronin provides an enhanced enterprise-level content delivery system that manages, schedules and delivers digital content over wireless or wired networks. RoninCast's flexibility allows development of custom solutions for specific customer applications.
RoninCast is a digital alternative to static signage, such as cardboard, posters or other forms of displays delivering a static message, and provides customers with a dynamic visual marketing system designed to enhance the way they advertise, market and deliver their messages. For example, digital signage utilizing RoninCast can be combined with interactive touch screens to create new platforms for assisting with product selection and conveying marketing messages. RoninCast delivers turn-key solutions including project planning, design services, deployment, training, hardware, maintenance and 24/7 help desk support.
