HDTV....gets fresh money!
Monday December 20, 8:10 am Eastern Time
Company Press Release
SpatiaLight, Inc. Announces Private Convertible Note Financing Funding to Enable Production of New Display
NOVATO, Calif.--(BUSINESS WIRE)--Dec. 20, 1999--SpatiaLight, Inc. (OTCBB: HDTV - news), a leading developer of liquid crystal on silicon (LCOS) microdisplay devices, today announced the closing of a private placement of Convertible Secured Notes in the principal amount of $2,875,000 to accredited investors 50% of which is available upon closing, the remaining funding available upon the Company achieving a milestone.
``These funds will enable us to start mass production once our customers have finished testing samples of our new SpatiaLight ImagEngine 1280BC display. ' said Michael Burney, CEO of SpatiaLight, Inc. ``Our strong research and development combined with the assistance of our manufacturing partners will enable us to deliver a LCOS microdisplay that the market has been anxiously awaiting for some time now.' According to Steven Tripp, a Director of the Company and Noteholder Representative for the recently converted notes (which were issued in 1998), ``many of the investors from last year's group were excited by the developments over the past year and have decided to reinvest in the Company through this convertible note financing.'
Based upon terms agreed to in late November, the accredited investors' convertible secured notes in the aggregate amount of $2,875,000 are secured by the assets of the Company and bear interest at a rate of 6% per annum. These notes are due on June 30, 2001 and are subject to certain mandatory automatic conversion provisions based on Company performance. These notes are convertible into shares of the Company's common stock at any time at the election of the holders and are accompanied by warrants to purchase shares of the Company's common stock. The convertible notes, the warrants and the underlying shares of the Company's common stock were issued pursuant to an exemption from registration
under the Securities Act of 1933, as amended (the ``Act').
About SpatiaLight
SpatiaLight, Inc. (OTCBB: HDTV - news) is a leading developer of high-resolution, miniature reflective liquid crystal displays on silicon (LCOS) for use in large screen computer monitors, home theatre projection systems, video projectors and other display applications. The company has its headquarters at 9 Commercial Blvd., Suite 200, Novato, CA, 94949. Tel: (415) 883-1693. Fax: (415) 883-3363. Web Site: www.spatialight.com.
This document contains forward-looking statements, including without limitation statements relating to the company's potential production and sales, which involve certain risks and uncertainties. Actual results may differ significantly from the expectations contained in the forward-looking statements.
The Company's products may not be ready for mass production in the near future. These and other significant risks are discussed in more detail in the company's Registration Statement on Form S-3, as filed with the Securities and Exchange Commission on November 18, 1999. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
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