Stock Watch: Financing Pact Boosts rose 3/32 to 3/4 Tuesday after the provider of e-commerce services said it received $40 million in financing. The company said the funding is from a “private investment fund,” and that the one-year agreement can be extended for an additional year at’s discretion. will be able to draw on the funds by issuing common stock at prices based on the volume-weighted average price of shares during the investment period. The company intends to use the money for capital expenditures and working capital.

“This is Phase One of our financing plan,” said chief financial officer Curtis Cluff. “Used judiciously in combination with other planned financing, this facility will bolster our balance sheet as the company works toward its financial goals.”

Added Cluff, “This type of financing will allow us to access committed capital in a series of smaller draws over time. We believe that this is an important part of our approach to maintaining adequate working capital, while minimizing the dilutive impact on currently outstanding shares.” earlier this month reported third-quarter revenue of $29.1 million. The company’s loss before items narrowed to $9.9 million, or 26 cents per share, from $11.1 million, or 29 cents, in the year-earlier quarter. President and chief executive officer Ronald Smith attributed the improvement to the company’s transition to e-commerce services from e-tailing.

The company also said it expects to see a profit in the first quarter of 2002. recently escaped a Nasdaq National Market de-listing by completing a note exchange that allowed it to receive $45.2 million in debt from its balance sheet and bring its pro forma net tangible assets to $30.2 million.

The Santa Clara, California-based company builds and manages online stores for businesses, and sells software and computer-related products to consumers and U.S. government agencies.

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