Alpha Virtual Strengthens Financial Position, Gears Up For 2002 Product Launch
LOS ANGELES, Dec 28, 2001 /PRNewswire via COMTEX/ -- Alpha Virtual, Inc, (OTC Bulletin Board: APHV chart, msgs), formerly Perceptronics, a provider of multi-user, peer-to-peer collaborative technology for the Internet, announced today that they have strengthened their financial condition by settling $200,000 of accounts payable and reducing total liabilities by over $300,000.
"In solidifying the company's financial status, we are in position to realize the benefits of refining our advanced collaborative, peer-to-peer technology," said Dan Mapes, Alpha Virtual's chief executive officer. "Over the past several months we have been focused on five key initiatives to bring Alpha Virtual to the next stage of growth: moving technology development into its final stages, establishing a sales and marketing team, fully defining our business strategy, reducing debt obligations, and facilitating our commercial product launch, which will occur as early as February 2002."
Alpha Virtual also announced today that it received an additional investment of $175,000 through an amended Securities Purchase Agreement with Global Alpha Corporation ("Global Alpha"), bringing the total investment in the company to $1,875,000.
Management agreed that this most recent investment in Alpha Virtual more accurately reflects the cash flow needs of the company. The monthly Global Alpha stock purchase should continue beyond April 2002 and the original total investment amount of $3,200,000 has not been altered, however, there is no assurance that future purchases will be made by Global Alpha.
"Improvements to our balance sheet coupled with product and marketing developments allow us to adjust our monthly investment needs for the next two to three months, keeping our resources available for further product development and launch activities," added Mapes. |
