The Company issued 1.2 million preferred shares at a price of $25 per share. The preferred shares carry an annual dividend of 8.0% and are redeemable by the Company at any time at $25 per share plus accrued and unpaid dividends. In addition, in the event common shares are issued by the Company pursuant to a public offering, a holder of preferred shares has the right to convert preferred shares for common shares of the Company at the price of the common shares set in the public offering. NBS Technologies is a leading provider of card personalization, secure identity solutions, and point of sale transaction services for financial institutions, governments, and corporations worldwide. The company has specialized and complementary product lines within its Commerce Gateway, Card Personalization and Payment Solutions business units.
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