This is what it said--a "shareholder rights offering" which I take to mean some way of offering rights or shares for sale. They raised a lot of money this way.
Integrated Spatial Information Solutions, Inc. (ISIS)(OTCBB:ISSS - news), a designer and supplier of e-government solutions and spatially enabled data warehouses, announced today that it raised $2.7 million through its shareholder rights offering, which closed Feb. 1.
Directors and officers of the company invested approximately $720,000 in the offering; shareholders $549,000, and other qualified investors $1.35 million. ISIS employees invested an additional $67,000.
"As a result of the offering, ISIS is now properly capitalized," said John Antenucci, the company's president. "We have a clean balance sheet, with cash and no significant debt, the 'going concern' statement in the auditor's opinion has been removed, and all litigation matters have been resolved." He added: "I view the strong interest in the offering, in a difficult environment for raising capital, as an indication of the bright future of the company, particularly in the rapidly expanding e-government solutions market."