Thursday, November 13, 2003

Silicon Valley Biz Ink :: The voice of the valley economy

Silicon Valley Biz Ink :: The voice of the valley economy: "SANTA CLARA, Calif., Nov. 13 /PRNewswire-FirstCall/ --
8x8, Inc. (Nasdaq: EGHT), the broadband voice and video communications service
provider, announced today that it has entered into definitive agreements with
certain institutional investors for the private placement of approximately
1,839,000 shares of its common stock at a purchase price of $2.83 per share,
resulting in gross proceeds of approximately $5.2 million. The investors will
also receive warrants to purchase approximately 1,839,000 8x8 common shares at
an exercise price of $3.40 per share. The transaction is expected to close and
be funded on November 13, 2003.
The proceeds of the financing are expected to be used for general
corporate purposes, including funding the expansion of the Company's Packet8
voice and video over Internet protocol (VoIP) communications service.
Bryan R. Martin, 8x8's Chief Executive Officer, stated, "This financing
significantly strengthens 8x8's balance sheet and provides us with additional
capital to further accelerate the growth of the Packet8 voice and video
communications service."
The common stock and warrants were issued in a private placement without
registration under the Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an applicable
exemption from registration requirements. The Company has agreed to file with
the Securities and Exchange Commission a registration statement to register
the resale of the common stock and the shares of common stock issuable upon
exercise of the warrants.

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