San Diego-based streaming media company InterVU Inc. said that it filed a registration statement with the Securities and Exchange Commission for the sale of 2 million shares of common stock.
All shares are to be issued and sold by the company. PaineWebber Josephthal & Co. and Cruttenden Roth Inc. will manage the offering. The registration statement also covers an additional 300,000 shares that will be subject to an option to be granted to the underwriters to enable them to cover over- allotments in the offering, if any.
InterVU said proceeds of the offering will be used for increased sales and marketing efforts; expansion of network operations; additional software development; and working capital and other general corporate purposes, including possible future strategic alliances and acquisitions.
InterVU employs a proprietary software system for managing and distributing bandwidth-intensive media such as video over the Internet at rapid speeds, primarily for entertainment companies and advertisers.
InterVU stock closed Friday at $17.625 on the Nasdaq exchange.
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