NORCROSS, Ga., June 8, 2009 (GLOBE NEWSWIRE) -- Intelligent Systems Corporation (NYSE Amex:INS) (www.intelsys.com) announced today that the new record date for its previously announced shareholder rights offering will be June 17, 2009, subject to effectiveness of its Form S-1 Registration Statement on file with the Securities and Exchange Commission. It is anticipated that the offering will commence on June 18, 2009 and will expire at 5:00 p.m. Eastern Daylight Time on July 24, 2009.
Under the terms of the rights offering, Intelligent Systems will distribute at no charge to the holders of its common stock on the record date non-transferable rights to purchase one share of the Company's common stock for every share of common stock owned by such holder 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. The subscription price will be $0.70 per share.
Rights offering materials, including a prospectus and the subscription rights certificates, will be mailed on or about June 22, 2009 to eligible stockholders. The prospectus will contain important information about the rights offering, and stockholders are urged to read the prospectus carefully when available.
The Company intends to 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.
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. 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 Corporation, 4355 Shackleford Road, Norcross GA 30093, Attention: Bonnie Herron, 770-381-2900.
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.
