eMagin Completes $9.1 Million Private Placement
29 10월 2005 - 7:28AM
Business Wire
eMagin Corporation (AMEX: EMA), a leader in virtual imaging
technology, today announced that it has completed its previously
announced private placement with new and existing institutional and
other accredited investors for the purchase of approximately $9.14
million of common stock and warrants. Use of the net proceeds from
the financing will be to provide working capital. Under the
agreements, investors purchased 16,619,064 shares of common stock
at a price of $0.55 per share and warrants to purchase up to
6,647,627 shares of common stock at an exercise price of $1.00 per
share exercisable after 7 months and expiring in October 2010. The
investors will also receive warrants to purchase up to 3,323,810
shares at an exercise price of $1.00 per share exercisable after
March 31, 2007 and expiring in October 2010, but these warrants
will be canceled if the Company's net revenue for fiscal year 2006
exceeds $20 million or if the investor has sold more than 25% of
the shares purchased under the securities purchase agreement prior
to December 31, 2006. Roth Capital Partners served as the placement
agent in the transaction. The shares and warrants were issued in a
private placement under regulation D of the Securities Act of 1933,
as amended. The company has committed to file a registration
statement covering the resale of the common stock and underlying
warrants purchased by these investors. This press release does not
constitute an offer to sell, or the solicitation of an offer to
buy, any securities, nor shall there be any sale of the securities
in any jurisdiction in which such offering would be unlawful. About
eMagin Corporation A leader in OLED microdisplay and virtual
imaging technologies, eMagin integrates high-resolution OLED
microdisplays, magnifying optics, and systems technologies to
create a virtual image that appears comparable to that of a
computer monitor or a large-screen television. eMagin's OLED
displays have broad market reach and are incorporated into a
variety of near-to-eye imaging products by military, industrial,
medical and consumer OEMs who choose eMagin's award-winning
technology as a core component for their solutions. eMagin has
recently introduced its first direct-to-consumer system, the Z800
3DVisor, which provides superb 3D stereovision and headtracking for
PC gaming, training and simulation, and business applications.
eMagin's microdisplay manufacturing and R&D operations are
co-located with IBM on its campus in East Fishkill, New York.
System design facilities and sales and marketing are located in
Bellevue, Washington. A sales office is located in Tokyo, Japan.
For additional information, please visit www.emagin.com and
www.3dvisor.com. Forward Looking Statements This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, including those regarding eMagin Corporation
and its subsidiaries' expectations, intentions, strategies and
beliefs pertaining to future events or future financial
performance. All statements contained herein are based upon
information available to eMagin's management as of the date hereof,
and actual results may vary based upon future events, both within
and without eMagin management's control. In some cases, you can
identify forward-looking statements by terminology such as "may,"
"will," "should," "expect," "plan," "anticipate," "believe,"
"estimate," "predict," "potential" or "continue," the negative of
such terms, or other comparable terminology. These statements are
only predictions. Actual events or results may differ materially
from those in the forward-looking statements as a result of various
important factors, including those described in the Company's most
recent filings with the SEC. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, such statements should not be regarded as a
representation by the Company, or any other person, that such
forward-looking statements will be achieved. The business and
operations of the Company are subject to substantial risks which
increase the uncertainty inherent in forward-looking statements. We
undertake no duty to update any of the forward-looking statements,
whether as a result of new information, future events or otherwise.
In light of the foregoing, readers are cautioned not to place undue
reliance on such forward-looking statements. Note: eMagin and
3DVisor are trademarks of eMagin Corporation.
Emagin (AMEX:EMA)
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