Conolog Completes $4,245,000 Private Placement
SOMERVILLE, N.J., Feb. 18 /PRNewswire-FirstCall/ -- Conolog Corporation
(Nasdaq: CNLG), an engineering and design company that provides digital signal
processing solutions to global electric utilities, announced today that it has
completed a previously announced $4,245,000 private placement of 1,369,355
shares of its common stock. Investors have also received warrants to purchase
an aggregate of 684,678 shares of Conolog's common stock at an exercise price
of $5.15 per share, exercisable for a period commencing on June 5, 2005
through the fifth anniversary of the issuance. In addition, the selling agent,
First Montauk Securities Corp. was issued a warrant to acquire 273,871 shares
of Conolog's common stock with the same terms as those issued to the
investors. Conolog received net proceeds of $3,685,650. As of February 16,
2005, 6,874,061 shares of the Conolog's common stock were issued.
The securities being offered were not registered under the Securities Act
of 1933, as amended, and may not be offered or sold within the United States
absent registration or an available exemption from such registration
requirements. However, pursuant to the subscription agreement and the selling
agent agreement, Conolog has filed a registration statement with the
Securities and Exchange Commission to register the resale of the securities
(and securities issuable upon exercise of the warrant) under the Securities
Act.
This announcement does not constitute an offer to sell or the solicitation
of offers to buy any security and shall not constitute an offer, solicitation
or sale of any security in any jurisdiction in which such offer, solicitation
or sale would be unlawful.
About Conolog Corporation
Conolog Corporation is a provider of digital signal processing and digital
security solutions to electric utilities worldwide. Conolog designs and
manufactures electromagnetic products to the military and provides engineering
and design services to a variety of industries, government organizations and
public utilities nationwide. Conolog's INIVEN division manufactures a line of
digital signal processing systems, including transmitters, receivers and
multiplexers.
Contact: Conolog Corporation: Robert Benou, Chairman, 908/722-8081;
National Financial Network, Geoffrey Eiten, Investor Relations; 781/444-6100,
ext. 613 or email geiten@nfnonline.com, or visit
nfnonline.com.
Forward-looking statements in this release are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties, including, without limitation, continued acceptance of
Conolog's products, increased levels of competition, new products introduced
by competitors, and other risks detailed from time to time in Conolog's
periodic reports filed with the Securities and Exchange Commission. There can
be no assurance that Conolog's shareholders will approve the sale of shares to
the Subscribers pursuant to the subscription agreement. There can also be no
assurance that Conolog will sell additional equipment to the Midwest utility.
SOURCE Conolog Corporation
Web Site: conolog.com |
