Sciax Technology Announces Completion of Private Placement Financing
BAY CITY, Mich.--(BUSINESS WIRE)--July 24, 2003--Chairman & CEO
Nitin Amersey announced today that Sciax Technology (OTCBB: UGMI) has
completed a private placement round of USD$ 735,280. "It has been a
very difficult market to raise funds in, however we are pleased that
we have been able to meet our objectives and we view it as a sign of
confidence in the company, its products and its management," said Mr.
Amersey. Mr. Amersey, Chairman and CEO, invested USD$ 175,000 in the
placement. In addition, Mr. Amersey has personally guaranteed a CAD$
250,000 line of credit for Sciax.
The use of funds is to support marketing, sales, working capital
and infrastructure costs incurred by Sciax due to intensive growth
since Jan. 1, 2003. "We are treating this financing as gap financing
until our sales reach expected levels," stated Amersey.
About Sciax Technology
Sciax is an emerging leader in counter-terrorism, law enforcement
and defense optical imaging systems. Sciax America Inc. & Sciax
Technology Inc. are 100% owned subsidiary of UGOMEDIA INTERACTIVE
CORPORATION (A NASDAQ OTCBB/Ticker UGMI). A name change from UGOMEDIA
INTERACTIVE CORP. to SCIAX CORP. is pending. Sciax is the manufacturer
of the SeCam, which is used by a number of law enforcement and defense
units across the globe including the Los Angeles Police Department
SWAT Team, Canadian Customs, and the US Military.
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CONTACT: Sciax Technology
Richard Griffiths, 1-877-99-SCIAX (72429)
rgriffiths@sciax.com
www.sciax.com
KEYWORD: MICHIGAN CALIFORNIA
INDUSTRY KEYWORD: HARDWARE LEGAL/LAW GOVERNMENT AEROSPACE/DEFENSE
SOURCE: Sciax Technology
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