Xybernaut Completes $7 Million Financing and Retains Listing on Nasdaq
Monday September 29, 9:10 am ET
Company in Strongest Financial Position Since IPO
FAIRFAX, Va.--(BUSINESS WIRE)--Sept. 29, 2003--Xybernaut® Corporation (NASDAQ: XYBR - News) today announced that it has completed a private placement of common stock with institutional investors for approximately $7 million.
The financings, which were accomplished at a modest discount to market with no reset or re-pricing provisions, bring the company's cash position to $13 million. Additional details of the financing are set forth in a registration statement filed by the Company with the Securities and Exchange Commission (SEC).
In separate news, the Company also announced that it received official notification from NASDAQ that the Company has fully surpassed NASDAQ continued listing requirements. In a formal letter, NASDAQ confirmed that the Company now complies with listing requirements including specified levels of stockholders' equity and bid share price. The letter stated, "Accordingly, this matter is now closed."
"These financings were executed with favorable terms and help us achieve what I consider to be the Company's strongest financial position since the initial public offering," stated Thomas D. Davis, Xybernaut CFO. "We have a strong cash position, maintain no debt and continue to keep our operating expenses at a low level."
"We've seen positive results in recent quarters from our sales, marketing and business development efforts; we've introduced new and innovative products; we've secured important patents while aggressively protecting our intellectual property; and we are involved in numerous business ventures with key partners," said Edward G. Newman, Xybernaut chairman and CEO. "By taking advantage of this opportunity to strengthen our capital structure, Xybernaut is in a better position than ever to extend our recent positive momentum and continue to deliver the results that our customers and stakeholders deserve."
About Xybernaut
Xybernaut Corporation is the leading provider of wearable/mobile computing hardware, software and services, bringing communications and full-function computing power in a hands-free design to people when and where they need it. Headquartered in Fairfax, Virginia, Xybernaut has offices and subsidiaries in Europe (Germany) and Asia (Japan). Visit Xybernaut on the Web at www.xybernaut.com.
Xybernaut, the Xybernaut logo and Xybernaut product names such as Mobile Assistant (MA V) and Atigo are trademarks or registered trademarks of Xybernaut Corporation in the USA and other countries. All other brand and product names are or may be trademarks of, and are used to identify products or services of, their respective owners.
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of components and successful production of the Company's products, general acceptance of the Company's products and technologies, competitive factors, timing, and other risks described in the Company's SEC reports and filings.
Third party statements contained herein and information contained on any third party website are not endorsed by or adopted by Xybernaut, nor has their accuracy been verified by Xybernaut.
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Contact:
Xybernaut Corporation
Michael Binko, 703-631-6925
mbinko@xybernaut.com
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Source: Xybernaut Corporation |
