InPhonic, a Washington provider of marketing and software services to the wireless phone market, filed to sell up to $90 million of common stock in an initial public offering, according to a Friday filing with the Securities and Exchange Commission.
InPhonic said it intends to use $7.5 million of the net proceeds from the offering to repay debt.
A third of the company is owned by chief executive David A. Steinberg. InPhonic has been largely funded by a group of wealthy investors, telecommunications companies and venture capital firms, including Washington-based Core Capital Partners.
The company said the remaining net proceeds will be used to pay accrued dividends on preferred stock, to fund new business initiatives and acquisitions, and for general corporate expenses.
If successful, the IPO will be the first non-defense, technology-related offering in the D.C. area in over a year.
Advance Auto Parts of Roanoke filed a registration statement for the sale of 8.42 million of its shares by Sears, Roebuck and 160,000 of the shares by the auto-parts maker's chief executive. Advance said Sears plans to sell all of its share in the company, while Advance Auto chief executive Lawrence P. Castellani will sell 12 percent of his holdings. Castellani is selling the stock to diversify his family's wealth and to repay a $600,000 loan to the company.
Precision Auto Care, a Leesburg franchiser of automobile repair shops, signed an agreement with two senior debt holders to exchange their $18 million of debt for 2.5 million common shares, 500,000 preferred shares and warrants to purchase 11.5 million common shares. Precision said the warrants are to buy stock at 44 cents a share, exercisable over 10 years. The company, which trades on the over-the-counter Bulletin Board, said the deal "virtually" eliminates its annual interest expense, making it "possible to start making money."
The Washington Hispanic newspaper will run two pages of financial news from the Wall Street Journal, in Spanish, every Friday. The pages of Journal news, known as a Wall Street Journal Special Edition, will contain news and features and will begin publication in the Nov. 8 edition of Washington Hispanic. Wall Street Journal Special Edition pages are published in newspapers around the world, reaching nearly 7 million readers, but this is the business newspaper's first such venture in the United States.
The American Advertising Federation, the Washington-based association for U.S. advertising firms, and the International Advertising Association, its international counterpart, agreed to include an international component to the AAF's Addy Awards beginning with the 2002-2003 competition. The IAA's 4,400 members in 94 countries will qualify to compete for an award to be given to the entry judged best of both shows by the international and U.S. judges.