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LV company completes IPO

Thursday, Aug. 3, 2000 | 10:50 a.m.

Las Vegas-based eRoomSystem Technologies Inc. began trading on the Nasdaq Stock Market this morning, following the pricing of its initial public offering.

Underwriter Donald & Co. Securities Inc. sold 1.8 million shares of stock at $6.50 per share, grossing $11.7 million. The company's shares trade under ticker symbol "ERMS."

This price is well below the $8 to $10 pricing range eRoomSystem had targeted for its IPO. The shares had a disappointing performance in opening hours of trading this morning, trading at $5.94.

eRoomSystem produces a line of hotel room refreshment centers and safes. Each room's system is operated by an in-room computer system, which is tied into a central computer. The system allows automatic monitoring of sales from the refreshment center, and allows hotel employees to know if a safe is in use in a customer's room.

The company posted a loss of $3.7 million on revenues of $540,000 in 1999.

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