Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - LYRIS, INC. | lyris_8k.htm |
| EX-10.2 - SUBSCRIPTION AGREEMENT DATED APRIL 12, 2010 - LYRIS, INC. | exhibit10-2.htm |
| EX-10.1 - SUBSCRIPTION AGREEMENT DATED APRIL 12, 2010 - LYRIS, INC. | exhibit10-1.htm |
LYRIS ANNOUNCES EQUITY FINANCING
(EMERYVILLE, CA) April 13,
2010—Lyris, Inc. (OTCBB: LYRI), the online marketing expert, today announced
that it has raised an aggregate of $6 million through a private placement of its
common stock to two existing shareholders. Lyris sold 18,181,818 shares at $0.33
per share, and intends to use the proceeds of the financing to reduce existing
indebtedness and to fund its expansion plans.
“We have experienced continued
market adoption of Lyris HQ, our industry-leading online marketing platform, and
the proceeds from this transaction will enable us to accelerate our market
development efforts. This will include an expansion of our sales force and
marketing programs both in the U.S. and in international markets,” said Luis
Rivera, chief executive officer.
Rivera also said that as a result of
this transaction the company expects to renegotiate the terms of its current
credit agreement with Comerica Bank. “We believe this infusion of capital will
enable us to amend our credit agreement and incorporate more favorable terms. By
revising the financial covenants that require certain levels of cash flow, we
will now gain the flexibility to pursue what we believe are substantial
near-term growth opportunities for the company,” he noted.
He continued, “With Lyris HQ, we have brought
to market an integration between email marketing and other aspects of online
marketing that is both powerful and unmatched. This funding will enable us to
capitalize on what we see as an exciting opportunity to accelerate our growth
rate.”
Lyris, Inc. (OTCBB: LYRI) is the first online
marketing solution provider to integrate email marketing with diverse online
marketing channels to create more efficient and effective marketing
organizations. The company’s flagship offering, Lyris HQ, is an all-in-one
online marketing solution that combines email marketing with search, social and
mobile channels, enhanced by embedded deliverability and Web analytics. Lyris HQ
provides online marketers actionable insights that help them make intelligent
decisions and improve results. Clients include American Apparel, Body Glove,
British Museum Company Ltd., Minnesota Timberwolves, PC Recycler, and Student
Advantage. For more information, visit www.Lyris.com.
This press release contains forward-looking
statements, including statements about our business strategy, completion of the
integration of Lyris HQ and credit agreement renegotiation, the achievement of
which involve many risks and uncertainties. If any such risks or uncertainties
materialize or if any of our assumptions prove incorrect, our results could
differ materially from what is expressed or implied by our forward-looking
statements. The risks and uncertainties include, but are not limited to, risks
associated with possible fluctuations in our financial and operating results,
unexpected difficulties that may delay the integration of Lyris HQ, and our
dependence on revenue from our email marketing software and services. Further
information on these and other factors that could affect the company’s financial
results is included in our annual report on Forms 10-K for the year ended June
30, 2009, and in other filings we make with the Securities and Exchange
Commission from time to time. These documents are available on the SEC website
at www.sec.gov, or on our website, www.lyris.com. Lyris, Inc. assumes no
obligation and does not intend to update these forward-looking statements,
except as required by law.
Contact:
Richard
McDonald
Director,
Investor Relations
Lyris,
Inc.
(610)
688-3305
rmcdonald@lyris.com