As you know very soon we will be on a first name basis. What should I call you Mr. Lucky? I wonder if your magical re-appearance on this thread has anything to do with this?
Constellation 3D, Inc.-"C3D"- Sets to Complete $20.9 Million First Stage Financing, and Expands Board of Directors
NEW YORK--(BUSINESS WIRE)--Sept. 12, 2000--Constellation 3D, Inc. (OTC Bulletin Board: CFMD) ("C3D" or the "Company") announced today it has expanded its previously announced first stage financing by increasing the amount of its equity financing from $5 million to $12 million.
The additional $7 million (bringing the total equity to $12 million) private placement will be done under the same conditions as last week's private placement. Those terms were 90% of market price on a five (5) day average.
In addition to the $12 million private placement, debt holders converted another $2.9 million in debt to common stock under the same terms and conditions as the private placement. The Company also received a $6 million line of credit to bring this first stage financing to a total of $20.9 million.
Eugene Levich, Chairman and CEO of C3D, stated that he was most pleased to receive the additional funding and believes that the Company will receive further funding within the next 30 days. He also stated that he is looking forward to announcing details of several FMD (fluorescent multiplayer disc) and FMC (fluorescent multiplayer card) technology development milestones over the coming weeks and to confirm in details of the Company's upcoming demonstrations - FMD digital cinema videodiscs and FMC home movie videocard - to be held this October and November.
In addition to the financings, C3D announced today the expansion of its board of directors by three members and the resignation of one member. Joining the board are Joseph Shefet, Esq., Stuart N. Garawitz and Val Mandel, Esq. Mr. Shefet is a member of the Israeli Bar, Israeli Institute of Certified Public Accountants and member of the American Bar Association. Mr. Shefet was a former Deputy Director of the Israeli Income Tax Authority and has authored a number of publications: "Foreign Currency Control," "Accounting for Tax Purposes" and "Value Added Tax." Dr. Levich stated, "With the Company's entry into international licensing and royalty agreements, Mr. Shefet's expertise will be invaluable."
Stuart N. Garawitz has held senior management positions in the investment community at Oppenheimer & Co., Shearson Lehman Brothers, was managing director at Laidlaw Equities and is now a partner at the Wall Street investment banking and money management firm of M.S. Farrell & Co. "Stuart brings investment banking experience to the Company for our continued growth," stated Dr. Levich.
Val Mandel, Esq. Is a member of the New York Bar with a practice in corporate and commercial law who also holds a degree in civil engineering from Moscow Civil Engineering College, in Moscow, Russia, and is fluent in Russian. Mr. Mandell has been involved in the Company's corporate legal affairs in Russia, the Ukraine and Israel. "Val's background in law and engineering fits well with the growth strategy of the Company," stated Dr. Levich.
Resigning from the board was its Chairman, Brig. Gen. Itzhak Yaakov (Ret.). "We will miss the General's presence and wish him well," stated Dr. Levich. Dr. Levich has been appointed the Company's new Chairman.
Constellation 3D, Inc. develops advanced data storage products including the high capacity, multi-layer FMD discs and ClearCard(TM). The company has offices in New York and Massachusetts, and laboratories in California, Israel and Russia. Constellation 3D holds or has made applications for over 75 worldwide patents in the field of optical data storage. More information is available at www.c-3d.net.
Statements contained in the news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which may cause actual results to differ materially from expected results.
THE SEC AND NASD HAVE NOT REVIEWED AND DO NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CONTACT:
For Constellation 3D, Inc.
Press Inquiries:
John Ellis, VP of Marketing
Email: media@c-3d.net
Phone: 978/371-7787
or Investor/ Broker Inquiries:
investors@c-3d.net
or Business Development Inquires:
Patrick Maloney, SVP of Business Development
Email: businessdev@c-3d.net
or Legal Inquiries:
Michael L. Goldberg, Esq., Director of Legal Affairs
Email: mlg.esq@worldnet.att.net
Phone: 954/568-3007
KEYWORD: NEW YORK
BW2556 SEP 12,2000
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