PROVIDENCE – Nestor Inc., a provider of video-based monitoring systems for traffic safety, reported that it issued more than 2 million common stock shares in mid-January. It also placed a $1.5 million convertible note into common shares and retiring and redeeming parts of another $4 million in convertible notes.
“We have grown from an installed base of 41 approaches at the end of 2002, to a current installed base of over 90 approaches,” said Nigel Hebborn, CEO of Nestor Traffic Systems, in a release. “This growth would not have been possible without continued investor confidence in, and support for, both our technology and our leadership.”
Coupled with the recent equity investment for $6.7 million placed by three financial services firms, including Barrett & Co. of Providence, Nestor will meet its near-term general operating expenses and continue the installation of contracted systems. Proceeds will also allow Nestor to seek new opportunities for its CrossingGuard video-based red-light enforcement solutions and services.
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ICOA acquires Chicago Internet terminal presence
WARWICK – ICOA Inc. announced that it has expanded its public Internet access business with the addition of Seventh Wave LLC of Chicago.
ICOA has executed a letter of intent to acquire the assets of Seventh Wave, a provider of public Internet access terminals and its trademarked portal site “Net On The Go.” Seventh Wave currently operates multiple Internet terminals under contract with Chicago’s Metropolitan Pier and Exposition Authority at the McCormick Place Convention Center, as well as other Chicago area locations. A typical trade show at McCormick Center attracts more than 50,000 attendees over several days. ICOA is a provider of public broadband Internet access and operates private networks of high-speed Internet terminals and Wi-Fi hotspots, in more than 200 locations.
