Imnet Inc, Pine Brook, New Jersey, which lost $2.6m on sales of just $359,000 last quarter – full figures, see Company Results, below – has agreement in principle for $5.75m of new financing to back its personal computer-based document imaging system development and marketing. An investor group organised by Concourse Capital Corp of Atlanta has committed to a $2.75m bridge loan plus $3m in equity financing. The bridge loan will convert to $2.75m of preferred stock following amendment of Imnet’scertificate of incorporation and Imnet expects to close the bridge loan by the end of October with sale of the additional $3m of preferred stock expected to be completed in the first quarter of 1992. The preferred stock will be convertible into 51% of the common stock of Imnet and in the interim will get to elect four of the seven directors.
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