To all, recent announcment:
Norris Communications completes $5.7 million private placement
SAN DIEGO--(BUSINESS WIRE)--Sept. 16, 1996-- Norris Communications Corp (NCI) Monday announced that it has completed a Regulation D
private placement of securities through the sale of 2.7 million shares of common stock and $3.8 million of warrants convertible into common stock.
By this placement the company has received gross proceeds of $5.7 million. The offering was placed through Klein Investment Group L.P.,
formerly known as Iaccoca Capital Partners L.P.
"One of the major challenges facing the new management team last fall, was to bring the necessary funding into NCI," stated Bob Root, president
and chief executive officer of Norris Communications.
"Through Iaccoca Capital, we were able to attract institutional investors interested in emerging technologies. This funding has enabled us to launch
our new Flashback Mobile Office, a product that we believe will revolutionize the Internet communications of the 85 million business travelers
around the world," said Root.
Kathleen Terry, CFO for NCI added: "This funding round has been a major turning point for our company. Besides giving us the funds to launch
our new product, the placement provided us with operating capital that should see us through to a positive cash flow position by the end of the
calendar year and has cleaned up a number of balance sheet items. The most notable balance sheet item was the retirement of a $3.2 million short
term loan with CVD."
Root added, "This is the beginning of a number of events that we have worked long and hard to achieve, including restructuring the company, equity
financing and launching a revolutionary product."
NCI designs, develops and manufactures digital voice recording devices and systems for professional and business applications. It sells its branded
products through computer and consumer electronics retailers and distributors around the world. The company also licenses its patents, its MicroOS
software operating system to OEMs.
In addition, it designs, develops and manufactures audio, video, image and data recording devices under contract to major OEMs.
Primus Contract Manufacturing, a wholly owned subsidiary of Norris Communications Corp., offers fully robotic micro machine manufacturing
services for electronic, biotech, communications and computer peripheral companies. For further information contact NCI at 619/679-1504 in the
United States or visit the company's World Wide Web site at norriscomm.com.
CONTACT: Norris Communications Corp., San Diego
R. Gordon Root/Kathleen Terry, 619/679-1504
Back to Norris Communications Corp news page |
