STEN Corporation Announces Sale of Common Stock
November 21 2005 - 6:15AM
PR Newswire (US)
MINNEAPOLIS, Nov. 21 /PRNewswire-FirstCall/ -- STEN Corporation
(NASDAQ:STEN), a Minneapolis-based diversified business, announced
today that it has agreed to sell a total of 444,444 shares of its
common stock through private placements to Lyle Berman and Gary
Dachis for an aggregate of $2 million, or $4.50 per share. Lyle
Berman is Chairman and CEO of Minneapolis-based Lakes
Entertainment, Inc. (LACO.PK) and is also Chairman of WPT
Enterprises (NASDAQ:WPTE). Gary Dachis is president of
Minneapolis-based The Unbank Company and formerly was Chairman and
CEO of publicly-traded Game Financial Corporation, which was sold
to Viad Corp in 1997. Upon completion of the transactions, both
Berman and Dachis will each have invested approximately $1 million
into STEN and following both closings, each investor will own
approximately 10.4% of STEN's outstanding shares of common stock,
which are expected to then total approximately 2,129,000 shares
outstanding. Commenting on the sale of shares, STEN CEO, Kenneth
Brimmer, noted, "Both Lyle Berman and Gary Dachis have track
records of success and we are pleased to have them as investors in
STEN. With a total of approximately $5.0 million in cash available,
we are looking forward to pursuing growth opportunities for STEN."
STEN Corporation, headquartered in Minnesota, is a diversified
business. The Company operates a chain of fast-food, drive-through
restaurants under the Burger Time name. In addition, the Company
provides contract manufacturing services for surgical instrument
sterilization container systems. STEN Corporation common stock is
traded on the Nasdaq SmallCap Market under the symbol "STEN." More
information about STEN Corporation is available at the Company's
website: http://www.stencorporation.com/. Except for historical
information contained herein, the disclosures in this news release
are forward-looking statements that could be affected by certain
risks and uncertainties, and actual results may differ materially,
depending on a variety of factors. These risks are described in the
Company's filings with the Securities and Exchange Commission. The
Company undertakes no duty or obligation to update any of the
forward-looking statements after the date of this release.
DATASOURCE: STEN Corporation CONTACT: Kenneth W. Brimmer, CEO of
STEN Corporation, +1-952-545-2776, Web site:
http://www.stencorporation.com/
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