The retailer says web sales grew about 30% during the period, while total sales were lower than projected.
i2 Technologies Inc., provider of supply chain, transportation/distribution and order fulfillment technology has received a $15 million equity investment from Q Investments, a private investment firm and one of i2`s significant investors.
Dallas-based i2 Technologies Inc., provider of supply chain, transportation/distribution and order fulfillment technology, has received a $15 million equity investment from Q Investments, a private investment firm and one of i2`s significant investors.
As a result of the investment, Q Investments acquired an additional 1.92 million shares of the company`s common stock priced at $7.80 per share, the closing price on June 23 when the investment was approved by the i2 board of directors. This investment increased Q Investments` equity holdings in i2 to approximately 7.6 million shares, representing just over 30% ownership of the company.
Also this week, i2 announced that Dassault Systèmes had acquired a center for the development of sourcing technology from i2 for $10 million.
I2 says the two transactions represent a significant effort to close the company’s cash-to-debt gap of $40 million. It had approximately $277 million in cash and equivalents as of March 31 and approximately $317 million in debt due at the end of 2006. "I2 is committed to achieving financial stability to earn the confidence of our customers and shareholders and this investment is one element of our plan to eliminate this cash-to-debt gap as soon as possible," said i2 CEO Michael McGrath.
"Our latest investment in i2 demonstrates our continued confidence in the company`s products, management, industry leadership and market opportunity," said Michael Diament of Q Investments. "This investment helps i2 improve its net debt position and demonstrates our commitment to i2`s future."