Cytation issues $1.5 million in convertible preferred stock in exchange for existing debt

By Sheri Kasprzak

New York, March 23 - Cytation, Inc. issued series A convertible preferred stock in exchange for $1.5 million in non-convertible, interest-bearing promissory notes.

The company issued 150,000 shares of the preferreds. The conversion price of the preferreds could not be determined by press time Thursday.

For the exchange, the investors also received series A warrants for 200,000 shares, exercisable at $1.50 each and series B warrants for 100,000 shares, exercisable at $2.25 each.

Midtown Partners & Co., LLC was the adviser for the exchange.

Tampa, Fla.-based Cytation is a holding company for Deer Valley Homebuilders, Inc., which produces manufactured homes.

On Thursday, the company's stock remained unchanged at $2.97 (OTCBB: CYON).

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