Happy Holiday's,
Thought I'd post this for all to see. The pricing of the warrants appears exciting. If the company is successful executing their business strategy, 1998 could indeed mark a turnaround for IRSN. Let's keep our fingers crossed. The micro silicon ring gyro is currently undergoing testing of some kind. If it's successful, perhaps these warrants will have real value.
MiG
IRVINE SENSORS CORPORATION NEWS RELEASE
CONTACT:Lynn O'Mara
Irvine Sensors Corporation
714-444-8718
lomara@irvine-sensors.com
FOR IMMEDIATE RELEASE
IRVINE SENSORS ANNOUNCES FINANCING OF NOVALOG SUBSIDIARY
COSTA MESA, CALIFORNIA -- December 17, 1997 -- Irvine Sensors
Corporation (NASDAQ: IRSN, Boston Exchange: ISC) announced today that its NOVALOG, INC. subsidiary has successfully closed an approximate $2
million private equity placement. The placement involved the sale of
approximately 10% of the common stock of NOVALOG, plus warrants to
purchase shares of Irvine Sensors Corporation at $2 per share after June 1998 or $3 per share after December 1998. James D. Evert, President and Chief Executive Officer of Irvine Sensors, said, "The wireless infrared market is starting to change its character as applications such as cellular phones, digital cameras and
other portable electronic devices begin designing in this feature.
NOVALOG's ultra-low-power chip technology offers significant battery-life advantages to these types of products. This private placement was undertaken to provide NOVALOG with financial resources to pursue these emerging opportunities. We were able to achieve a strong valuation for the NOVALOG shares based on this potential. "
NOVALOG, INC. (www.novalog.com), located in Costa Mesa,
California, designs, manufactures and sells low-power analog and
mixed-signal circuitry for wireless IR communications, including
IrDA-equipped applications. It is a consolidated subsidiary of Irvine
Sensors Corporation. Irvine Sensors (www.irvine-sensors.com),
headquartered in Costa Mesa, California, is primarily engaged in the
development and manufacture of high density packages of computer
electronics, imaging and sensing devices, photonics communications, and low power integrated circuits which are intended to have extensive
systems applications.
--00-- |
