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Securities Settlement

McLean, VA: (Jan-03-08) LCC International, Inc. top officials announced recently that the company had reached an agreement with those stockholders that participated in the Company's April 2007 $17 million private placement of securities, which covers the Company's obligation to register shares issued in the offering. The announcement claimed that under the terms of the original agreement, LCC was obligated to register the shares issued in the offering to the participating shareholders by defined dates or be subject to cash penalty payments. Due to certain delays in filing, the company had failed to register the shares.

The settlement ensures a cash penalty totaling $3.4 million. Further, under the new agreement, the company will exchange each share of the class A common stock that was issued at $3.35 per share, for 1.125 shares of a new series of preferred stock. These preferred shares will convert back to common stock upon the Company's next qualifying equity raise of $10 million or more, or at the end of 18 months. [FOX BUSINESS: LCC SECURITIES]


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Published on Jan-4-08


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