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ANTs Software Closes The First Tranche of The Previously Announced $10 Million Investment Agreement with Fletcher Asset Managem

^{Published on 2010-05-12 04:05:17 - Market Wire}
 

SAN FRANCISCO--([ BUSINESS WIRE ])--ANTs software inc.?(OTCBB:ANTS), a leader in database migration solutions, today announced the closing of the $500,000 first tranche of the previously announced $10 million investment agreement with Fletcher International, Ltd., an affiliate of Fletcher Asset Management, Inc. In addition to the $1,500,000 previously invested on March 22, 2010, proceeds from this transaction will be used primarily to further fund ANTs? development of innovative database migration solutions and to execute a go-to-market strategy.

"We are very pleased with Fletcher?s continued partnership with ANTs"

The remaining two future investments are subject to achievement of predetermined business milestones. Details of the transaction will be included on a Form 8-K to be filed with the Securities & Exchange Commission.

?We are very pleased with Fletcher?s continued partnership with ANTs,? said Joseph Kozak, Chairman and CEO of ANTs Software. ?We continue to have a number of very significant corporate milestones on the horizon and this investment allows us to continue to move towards achieving our goals.?

This press release shall not constitute an offer to sell or the solicitation of offers to buy securities. The securities and the shares of ANTs common stock issuable upon exercise of the securities have not been registered under the Securities Act of 1933 or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

About ANTs software inc.

The mission of ANTs Software is to help customers drive down IT operating costs by consolidating hardware and software infrastructure and eliminating cost inefficiencies. To this end, ANTs develops and sells the?ANTs Compatibility Server (ACS), an innovative solution that accelerates database consolidation between database vendors, enabling application portability. In addition to ACS, ANTs offers a complete portfolio of services ranging from architecting or managing IT infrastructure, to full application performance tuning and administrative services. ANTs is a public company with headquarters in San Francisco, California. Our shares trade on the OTC Bulletin Board under the symbol: ANTS. For more information visit,?[ www.ants.com ].

About Fletcher Asset Management, Inc.

Founded in 1991,SEC-Registered Investment Advisor Fletcher Asset Management Inc., Fletcher International, Ltd. and other affiliates in the United States and Europe seek consistent investment returns from their supportive direct investments in responsible companies and in select private investment funds. More than 50 direct investments have strengthened promising companies helping to secure more than 50,000 jobs and develop and deliver important products and services. Additional information is available at?[ www.fletcher.com ].

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, including statements concerning financial projections, financing activities, product development activities and sales and licensing activities.?Such forward-looking statements are not guarantees of future results or performance, are sometimes identified by words of condition such as ?should,? ?could,? ?expects,? ?may,? or ?intends,? and are subject to a number of risks and uncertainties, known and unknown, that could cause actual results to differ materially from those intended or anticipated. Such risks include, without limitation:?the investor may not purchase all securities subject to the agreement; the Company may not be able to secure additional future funding, potential delays in planned sales of ACS, problems securing the necessary financing to continue operations should revenues not be sufficient to offset expenses, problems encountered in commercializing the ANTs technology, potential of undetected infringing technology or non-infringing competitive technologies, difficulties experienced in product development, roadblocks experienced in sales and marketing activities, longer than expected sales processes,?difficulties in recruiting knowledgeable and experienced personnel, possible problems in migrating applications using the ANTs Compatibility Server, and potential problems in protecting the Company?s intellectual property. Further information concerning these and other risks is included in the Company?s filings with the Securities and Exchange Commission, including the Company?s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2009, filed with the Securities and Exchange Commission on March 31, 2010 and the Company?s Amended Annual Report on Form 10-K/A for the fiscal year ended December 31, 2009, filed with the Securities and Exchange Commission on April 21, 2010.?The Company undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances occurring after the date of this press release.