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PRNewswire: SCO Raises $13.1 Million in Cash

Sep 14, 2000, 23:10 (0 Talkback[s])

"The Santa Cruz Operation, Inc. (SCO) (Nasdaq: SCOC) today announced it has reached an agreement for the private placement of common stock and warrants, worth $13.1 million. The agreement was facilitated by Security Research Associates, Inc., and represents a total purchase of 3,275,000 shares."

"The financing provides continued investment for developing the SCO Tarantella business, which provides web-enabling software that connects clients and server-based applications over the Internet."

"These additional funds support the expansion of Tarantella efforts, and place us in a much stronger position to capitalize on our technology lead and meet our projected growth," said Mike Orr, president of the SCO Tarantella division. "This growth is fueled by the increasing business use of the Internet, the attractiveness of thin-client computing, the need to web-enable legacy applications, and the accelerating adoption of the ASP business model."

"Brian Swift, CEO of Security Research Associates, Inc. commented, "We view Tarantella' web-enabling software as particularly unique in the industry, and are pleased to be able to provide, through our institutional investors, some additional working capital to assist the company in gaining continued market acceptance of their product."

Press Release