Jagged Peak pockets $2 million from convertible note sale

By Sheri Kasprzak

New York, Dec. 19 - Jagged Peak, Inc. raised $2 million from a private placement of secured convertible notes with Laurus Master Fund, Ltd. Laurus also funded a $1 million revolving credit line for the company.

The full terms of the financing could not be determined Tuesday evening.

Proceeds from the note will be used to extinguish $750,000 in outstanding debt and to provide additional working capital for the development of the company's sales and marketing department. Proceeds from the revolving credit line will be used for cash flow.

Based in Clearwater, Fla., Jagged Peak develops web-based software to automate inventory fulfillment and order management.

On Tuesday, the stock gained 14.77%, or 13 cents, to end at $1.01 (OTCBB: JGPK).

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