Wednesday July 18, 6:01 am Eastern Time
Press Release
SOURCE: Irvine Sensors Corporation
Irvine Sensors Receives Additional Bridge Financing
COSTA MESA, Calif., July 18 /PRNewswire/ -- Irvine Sensors Corporation (Nasdaq: IRSN - news; Boston: ISC - news) announced today that it has received additional funding through its strategic relationship with Zimmer Lucas Partners, LLC, Vertical Ventures LLC, and MLT Capital, L.P., all of New York. This latest round is a continuation of the previously announced financing intended to ``bridge'' the period prior to funding its iNetWorks Corporation subsidiary. Pursuant to this relationship, the Company has executed this financing consisting of the sale of common stock from its outstanding ``shelf'' registration for gross proceeds of approximately $2.5 million.
Mel R. Brashears, Chairman of the Board of both Irvine Sensors and iNetWorks, said, ``This second and third increment of bridge financing demonstrates the fundamental commitment of these investors to Irvine Sensors and our business pursuits. As we continue the due diligence associated with the funding of iNetWorks for the development of our SuperRouter(TM), this round of funding permits us to continue to move forward on our other product initiatives.''
Irvine Sensors Corporation, headquartered in Costa Mesa, California, is primarily engaged in the development of high density electronics, MicroElectroMechanical sensors (MEMS) and readout circuits, miniature cameras, electro-optical and optical switches, image processing devices and software, electronic image stabilization, wireless infrared communications products, and low-power analog and mixed-signal integrated circuits for diverse systems applications. It primarily seeks to commercialize its technologies through independently financed and managed subsidiaries.
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements that are dependent on risks and uncertainties including such factors, among others, as the Company's ability to develop and market new technologies in a cost-effective and timely manner, the pace at which new markets develop and the actions of potential competitors in the Company's targeted markets. Further information on Irvine Sensors Corporation and its subsidiaries, including iNetWorks Corporation, is contained in publicly filed disclosures available through the SEC's EDGAR database (www.sec.gov) or from the Company's Investor Relations Organization.
SOURCE: Irvine Sensors Corporation |
