(Source: PrimeNewswire)
NORCROSS, Ga., April 17, 2009 (GLOBE NEWSWIRE) -- Intelligent Systems Corporation (NYSE Amex:INS) (www.intelsys.com) announced today that it is planning to make a rights offering of common stock to its shareholders. Under the terms of the rights offering, Intelligent Systems will distribute at no charge to the holders of its common stock non-transferable rights to purchase shares of the Company's common stock.
The Company will distribute to each holder of its common stock one non-transferable right for every share of common stock owned by such holder on the record date. Each right will entitle its holder to purchase one share of Intelligent Systems' common stock at a subscription price to be determined on the record date. Stockholders as of the record date will also be entitled to subscribe, subject to allotment among all subscribing shareholders, for additional shares not subscribed for by other shareholders.
A record date for the rights offering has not been determined. A registration statement relating to the rights offering has been filed with the United States Securities and Exchange Commission but has not yet become effective. The record, commencement and expiration dates for the offering will be determined at the time that the registration statement becomes effective. The distribution of rights and commencement of the rights offering will occur promptly following the effectiveness of the registration statement.
The Company will use the proceeds of the rights offering primarily to support plans for its CoreCard subsidiary, including increasing marketing and sales activities and devoting additional resources to establish CoreCard's prepaid and credit card processing services.
These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The rights offering will be made only by means of a prospectus. When available, copies of the prospectus may be obtained from Intelligent Systems, 4355 Shackleford Road, Norcross GA 30093; 770-381-2900, attention Bonnie Herron.
About Intelligent Systems Corporation:
For over thirty years, Intelligent Systems Corporation has identified, created, operated and grown early stage technology companies. The Company has operations and investments in the information technology and industrial products industries. The Company's consolidated subsidiaries are CoreCard Software, Inc.
