ACE*Comm plans $4.2 million private placement of convertible debt

By Sheri Kasprzak

New York, May 15 - ACE*Comm Corp. is negotiating the terms of a $4.2 million private placement of convertible debt, according to a statement released Tuesday afternoon.

The terms of the offering have not yet been determined, but a term sheet for the deal has been signed, according to the statement.

The company also released its third-quarter earnings statement Tuesday, reporting revenue of $3.1 million for the quarter, compared with $6.7 million for the same quarter of 2006. The company sustained a net loss of $2.6 million, compared with a profit of $365,000 for the same period of 2006.

Based in Gaithersburg, Md., ACE*Comm provides mobile content delivery applications and advanced operations support systems to telecommunications companies.

The company's stock closed unchanged at $0.80 on Tuesday (Nasdaq: ACEC).

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