SIDY - $1.4M in Private Offering
Science Dynamics Raises $1.4M in Private Offering
May 24, 2006 12:05:53 (ET)
PENNSAUKEN, N.J., May 24, 2006 /PRNewswire-FirstCall via COMTEX/ -- Science Dynamics Corporation (SIDY, Trade), a provider of advanced technological solutions to key government agencies and enterprise customers, announced today it completed a private placement of common stock and warrants to accredited investors for an aggregate purchase price of $1.4 million.
CEO Paul Burgess said, "This financing represents an important milestone for Science Dynamics. By using the proceeds to pay down debt and increase working capital, we will continue to strengthen our balance sheet. This private placement represents a critical component in advancing our strategy to acquire technology companies with attractive revenue streams. In addition, this financing sends a clear and positive message to our customers, partners and shareholders that we have been able to obtain the financial resources to execute our business plan."
In the transaction, Science Dynamics entered into subscription agreements with accredited investors in which the company sold approximately 23 million shares and warrants to purchase approximately 11 million shares of common stock with an exercise price of $0.12 per share and exercisable for a period of five years from issuance.
In connection with the transaction, the company has agreed to register the resale of the shares and the common stock issuable upon exercise of the warrants in the next registration statement filed with the Securities and Exchange Commission. Complete terms of the financing have been released in the company's related Form 8-K filing with the Securities and Exchange Commission.
About Science Dynamics Corporation
Science Dynamics Corporation (SciDyn) is a provider of advanced information and communications technology to the government and commercial markets. The company's technology services division designs, deploys and manages advanced technological solutions at key government agencies and mid- to large-sized enterprises. SciDyn's technology products division consists of several core proprietary platforms used to develop customized software applications with military grade security in multiple vertical markets. For more information, visit scidyn.com .
An investment profile about Science Dynamics may be found at hawkassociates.com .
For investor relations information regarding Science Dynamics, contact Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 451-1888, e-mail: info@hawkassociates.com . An online investor relations kit including copies of press releases, current price quotes, stock charts and other valuable information for investors may be found at hawkassociates.com and americanmicrocaps.com .
Forward-Looking Statements: Certain statements made in this press release by Science Dynamics Corporation are forward-looking statements. Although such statements are based on current expectations, they are subject to a number of future uncertainties and risks, and actual results may differ materially. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. Statements made in this document that are not purely historical are forward- looking statements, including any statements as to beliefs, plans, expectations, anticipations or intentions regarding the future. Science Dynamics Corporation assumes no obligation to update information concerning the forward-looking statements contained herein.
SOURCE Science Dynamics Corporation
Frank N. Hawkins, Jr. or Julie Marshall, both of Hawk Associates, Inc.,
+1-305-451-1888, or info@hawkassociates.com, for Science Dynamics |
