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delayed 20 mins - disclaimerTuesday November 10, 6:15 pm Eastern Time
Company Press Release
SOURCE: Projectavision, Inc.
Projectavision Details Financing in Connection with Proposed Vidikron Acquisition
NEW YORK, Nov. 10 /PRNewswire/ -- Projectavision, Inc. (Nasdaq: PJTV - news) announced, in a follow-up to the press release that the Company issued earlier today regarding obtaining commitment letters from four investors in the Company to fund the acquisition of Vidikron Industries S.p.A., that such four investors have also agreed to restructure their current investment in the Company. Specifically, the investors currently hold convertible securities in the Company that convert into shares of the Company's common stock at a floating discount to the market price of the common stock at the time of the conversion. Concurrently with providing the financing to effect the Vidikron acquisition, these investors have also agreed to restructure their securities into securities that convert into shares of common stock at a fixed rate, eliminating the floating conversion feature. Although the final pricing of the restructured securities and additional capital to be provided has not yet been finalized, it is currently anticipated that this restructuring and infusion of additional capital will be substantially dilutive, at current prices, to the current stockholders of the Company. As noted in its earlier press release, the Company believes that it can effect the Vidikron Acquisition in 1998.
The foregoing press release contains forward-looking statements, including statements regarding, among other things, the company's expectation of its future business. These forward-looking statements are based largely on the Company's expectations and subject to a number of risks and uncertainties, certain of which are beyond the Company's control. Actual results could differ materially from these forward-looking statements as a result of a variety of factors including, among others, the satisfaction of all other terms and conditions required by the institutional investors, in order to effect the Vidikron Acquisition. In light of these risks and uncertainties there can be no assurance that the forward-looking statements contained in this press release will in fact transpire or prove to be accurate.
SOURCE: Projectavision, Inc. |
