Monday January 26, 6:00 am Eastern Time
Company Press Release
SOURCE: Irvine Sensors Corporation
Irvine Sensors Raises $4.1 Million
Secures $1 Million Discount in Final Close of Vermont Operation
COSTA MESA, Calif., Jan. 26 /PRNewswire/ -- Irvine Sensors Corporation (Nasdaq: IRSN, Boston
Stock Exchange: ISC) announced today that it has secured a $1 million discount in the close of its
Vermont plant due to the completion of private financings aggregating $4.1 million. Included in the
financings was a private placement of approximately 3.8 million units consisting of preferred shares
convertible into approximately 3.8 million shares of Common Stock of Irvine Sensors Corporation
plus warrants to purchase shares in each of Irvine Sensors' two privately financed and consolidated
operating subsidiaries, NOVALOG, INC. and MicroSensors, Inc.
John J. Stuart, Jr., Chief Financial Officer of Irvine Sensors, said, ''Because financing was available,
we were able to take advantage of payment discounts of over $1 million while exiting Vermont. The
combination of these discounts and the proceeds of the financings also help us address the heightened
Nasdaq(TM) net worth standards that become effective February 23, 1998.''
Irvine Sensors, headquartered in Costa Mesa, California, is primarily engaged in the development and
manufacture of high density packages of computer electronics, imaging and sensing devices, and low
power integrated circuits which are intended to have broad applications in military and commercial
systems.
SOURCE: Irvine Sensors Corporation
Anyone know how much more they need to meet the new net worth standards? |
