Consortium Service Management Group plans $5 million IPO for Live Tissue Connect

By Jennifer Chiou

New York, July 14 - Consortium Service Management Group, Inc. said it filed an agreement for a minimum $5 million initial public offering for its majority-owned subsidiary Live Tissue Connect, Inc., according to an 8-K filing with the Securities and Exchange Commission.

Empire Financial Group, Inc. expressed its intent to enter into a firm commitment underwriting the IPO, the filing said.

Consortium said it agreed to include for Empire an underwriting discount of 9% of the amount raised, five year warrants to purchase 5% of the total number of Live Tissue shares sold in the IPO that carry "piggy-back" registration rights and a non-accountable fee allowance equal to 3% of the gross proceeds of the offering.

The Corpus Christi, Texas-based diversified company owns rights for technologies including medical devices and environment-related products. Its subsidiary has developed a technology that permits the bonding of human tissue without the use of conventional wound closing techniques, including sutures, staples, sealants and glues.

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