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| "The application they provided for us and their service are fantastic." |
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| Ross Appenzeller - XL Aerospace |
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Warp 9 Announces Early Termination of Convertible Debenture, Eliminates Associated Dilution Risk
June 12, 2008 - Santa Barbara, CA - Warp 9, Inc. (OTCBB: WNYN), the premier provider of robust e-commerce platforms and services, today announces that it has prepaid in full the convertible debenture issued by previous management to Cornell Capital Partners LP (now YA Global Investments). This will immediately cease the harmful dilution to the Company's capital structure previously associated with the periodic conversions of the debenture.
Management has been working to reduce the Company's debt burden and this convertible debenture has been a significant focus. The prepayment is the final major step in the Company's debt reduction plan. The Company can now focus its efforts on growing its revenue and profitability. The company is optimistic that the stock price will now come to reflect a much more accurate valuation.
Warp 9 ICS powers some of the most successful e-commerce websites such as magellans.com and Spiegel Brands' carabella.com and ablambdin.com.
About WARP 9
Warp 9, Inc. is the premier provider of robust e-commerce platforms and services for the catalog and retail industry. Its comprehensive and scalable suite of software platforms are designed to help online retailers maximize the Internet channel by applying Warp 9's advanced technologies for online catalogs, e-mail marketing campaigns, and interactive visual merchandising. With a proven track record and years of experience in the industry, Warp 9 helps businesses leverage the Internet channel to lower costs and increase sales. Offered on a fully managed software-as-a-service model, Warp 9 products allow customers to focus on their core business, rather than technical implementations.
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Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
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