ST. PETERSBURG, FL, May 25, 2005 – Ballast Point Ventures today announced it has closed a $2.5 million preferred equity investment in publicly-held Knology, Inc. (NASDAQ: KNOL).New and existing investors participated in the $9.2 million financing, which will primarily be used to pay down debt.
Details of the Financing:
Each preferred share was purchased for $10.00 and converts into 5 common shares (an effective purchase price of $2.00 per share) with a mandatory conversion at $8.00.The preferred stock will receive an 8% coupon.
About Knology, Inc.
Knology Inc. (NASDAQ: KNOL), headquartered in West Point, Georgia, is a leading provider of interactive communications and entertainment services in the Southeast. Knology serves both residential and business customers with one of the most technologically advanced broadband networks in the country. Innovative offerings include over 200 channels of digital cable TV, local and long distance digital telephone service with the latest enhanced voice messaging features, and high-speed Internet access, which supplies IP architecture with segmented voice and data bandwidth, and Managed Integrated Network Solutions (MATRIX), and integrated IP-based technology which converges data and voice. For more information, please visit www.knology.com
About Ballast Point Ventures, L.P.
Ballast Point Ventures, L.P. is a venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, consumer products and specialty retail. The Fund seeks to make equity investments ranging in size from $2 million to $5 million. www.ballastpointventures.com
