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Rainmaker Systems Announces Capital Raise and New Strategic Focus
|By Business Wire
|July 21, 2014 05:41 PM EDT
Rainmaker Systems, Inc. (OTCQX: RMKR), a provider of B2B e-Commerce
solutions and services, today announced that it has successfully raised
over $2.5M of a targeted $3.2M recapitalization in a convertible note
financing. The Company has to date received net proceeds of
approximately $2.3 million from the financing after deducting fees and
estimated expenses payable by the Company. The Company used a portion of
the net proceeds from the financing to repay its outstanding
indebtedness owing to Comerica Bank and Agility Capital II, LLC.
Focus on ViewCentral
In addition, the Company announced that going forward it plans to
increase its focus on ViewCentral, making the preeminent
Training-for-Profit SaaS platform a key element in its product mix.
“ViewCentral has established itself as the best of breed SaaS solution
in the rapidly growing External Enterprise Training market segment,”
said Terry Lydon, Vice President and General Manager of Learning
Management Systems. “The ViewCentral division has achieved impressive
margins and nearly 100% customer loyalty and retention. We expect this
trend to continue.”
As part of this strategic realignment, the Company announced that it has
begun a search for a new President and CEO with Learning Management
Systems -specific experience, and that Board member Jim Hopkins has
assumed the rolls of acting CEO as well as Chairman of the Board and
Chair of the Governance and Nominating Committee. Don Massaro has
resigned from the Company’s Board and as President and CEO, effective
July 15, and Brad Peppard has resigned from the Board effective July 15,
though he continues presently as Executive Vice President and Chief
Call Center Services
Rainmaker continues to provide world-class call center services on three
continents for clients for both Fortune 500 and SMB clients, delivering
incremental revenue and uncovering new revenue opportunities on a pay
for performance basis.
For more information on Rainmaker Systems’ products and solutions,
please visit both www.viewcentral.com
About Rainmaker Systems, Inc.
Rainmaker Systems is a B2B e-Commerce company that helps organizations
of all sizes, ranging from Fortune 500 enterprises to
small-to-medium-sized businesses, increase training-for-profit revenues
and create new revenue streams from their customer base. With its unique
approach, Rainmaker Systems delivers proprietary cloud-based e-Commerce
technology, global and localized sales-assist agents, allowing customers
to discover and monetize untapped revenue opportunities.
Rainmaker trades in the U.S. on OTCQX under the symbol “RMKR.”
ViewCentral, a Rainmaker Systems company, is a learning management
solution provider to organizations of all size across the technology,
financial services, biosciences, human resources, and consulting
industries, among others. ViewCentral Learning Management System (LMS)
allows organizations to monetize and facilitate the delivery of training
and certification programs, enabling them to capture both incremental
and recurring revenue from subscriptions-based offerings. ViewCentral is
headquartered in Campbell, Calif. For more information, please visit www.viewcentral.com.
Safe Harbor Statement
This press release contains forward-looking statements regarding
future events. These forward-looking statements are based on information
available to Rainmaker Systems as of this date and we assume no
obligation to update any such forward-looking statements. These
statements are not guarantees of future performance, and actual results
could differ materially from current expectations. Among the important
factors which could cause actual results to differ materially from those
in the forward-looking statements are our ability to raise additional
capital to meet our operating requirements, our ability to maintain
compliance with our debt covenants, our ability to reduce our losses and
achieve profitability, our client concentration, as we depend on a small
number of clients for a significant percentage of our revenue, the
possibility of the discontinuation and/or realignment of some client
relationships, general market conditions, the high degree of uncertainty
and our limited visibility due to economic conditions, our ability to
execute our business strategy, the effectiveness of our sales team and
approach, our ability to target, analyze and forecast the revenue to be
derived from a client and the costs associated with providing services
to that client, the date during the course of a calendar year that a new
client is acquired, the length of the integration cycle for new clients
and the timing of revenues and costs associated therewith, our ability
to manage growth, potential competition in the marketplace, our ability
to retain and attract employees, market acceptance of our solutions and
pricing options, our ability to maintain our existing software
technology and to deploy new technology, our ability to sign new clients
and control expenses, the financial condition of our clients'
businesses, the protection of our intellectual property and other
factors detailed in the Company's filings with the Securities and
Exchange Commission ("SEC"), including our filings on Forms 10-K and
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