BriteSmile (BSML) Closes $28.2 Million Private Stock Placement
BriteSmile Inc. completed a $28.2-million private common stock placement to 17 investors and their affiliated funds.
The investors include Capital Research & Management Co., Federal Partners, RS Investment Management, Putnam Investments and Piper Jaffray Ventures.
The company sold 5,371,428 restricted common shares at $5.25 each, resulting in gross proceeds of $28,199,997.
The company said it expects the financing to help produce "positive operating cash flow and net earnings," and to satisfy its capital needs in order to complete its business plan.
BriteSmile expects to report a profit for the fourth quarter.
BriteSmile has developed and manufactures the most advanced teeth- whitening technology available, as well as manages state-of-the-art BriteSmile Professional Teeth Whitening Centers. BriteSmile Centers are currently operating in Beverly Hills, Irvine, Palo Alto, Walnut Creek and La Jolla, CA; Honolulu, HI; Houston, TX; Denver, CO; Boston, MA; Boca Raton, FL; Atlanta, GA; New York, NY; Chicago, IL; and, Phoenix, AZ. In addition to BriteSmile Centers, the company has established more than 2,000 Associated Centers. Of the BriteSmile Associated Centers, more than 200 are located outside of the United States, in countries around the world including Argentina, Japan, Singapore, Switzerland, France, Holland, Italy and Belgium. For more information about BriteSmile's procedure, call 1-800-BRITESMILE or visit the Company's Website at britesmile.com . |
