SANTA BARBARA, Calif.--(BUSINESS WIRE)--April 8, 2002--
EarthShell(R) Corporation (Nasdaq:ERTH), innovators of food
service packaging designed with the environment in mind, announced
today that it has raised over $4 million in a financing transaction
with a select group of investors.
Under the purchase agreement, EarthShell issued an aggregate of
3.5 million shares of common stock under the Company's shelf
registration statement. In addition, the Company issued warrants to
the same group of investors to purchase an additional 1.75 million
shares, exercisable over a thirty-day period following the initial
sale. The Company's shelf registration statement, as amended,
(Registration Number 333-76092) was declared effective by the
Securities and Exchange Commission on January 7, 2002.
EarthShell Corporation is engaged in the licensing and
commercialization of proprietary composite material technology for the
manufacture of foodservice disposable packaging, including cups,
plates, bowls, hinged-lid containers, and sandwich wraps. In addition
to certain environmental characteristics, EarthShell Packaging is
designed to be cost and performance competitive compared to other
foodservice packaging materials. |
