the FIRST news release today: Projectavision Receives Financing Commitments to Effect Vidikron Acquisition
PR Newswire, Tuesday, November 10, 1998 at 14:27
NEW YORK, Nov. 10 /PRNewswire/ -- Projectavision, Inc. (NASDAQ:PJTV)
announced today that it has received commitments from four current investors
in the Company to provide the financing necessary for the Company to effect
the acquisition of substantially all of the assets of Vidikron Industries
S.p.A., an Italian-based private company engaged in the manufacture, selling
and distribution of high-end video projection systems. The Company noted that
although the previously announced lead institutional investor has withdrawn
its commitment for reasons unrelated to the proposed transaction, the Company,
with the new commitment of capital, believes it can conclude the transaction
in 1998. The Company has advised The Nasdaq SmallCap Market of the status of
the proposed financing and acquisition in an effort to gain a temporary
exemption from the $1 minimum-bid price requirement to maintain the listing of
the Company's common stock on The Nasdaq SmallCap Market so as to enable the
Company sufficient time to effect the acquisition and take whatever other
steps it deems appropriate to recapitalize the Company in order to maintain
The Nasdaq SmallCap Market listing for its shares of Common Stock.
The foregoing press release contains "forward-looking statements,"
including statements regarding, among other things, the company's expectation
of its future business. These forward-looking statements are based largely on
the Company's expectations and subject to a number of risks and uncertainties,
certain of which are beyond the Company's control. Actual results could
differ materially from these forwarding-looking statements as a result of a
variety of factors including, among others, the satisfaction of all other
terms and conditions required by the institutional investors, in order to
effect the Vidikron Acquisition. In light of these risks and uncertainties
there can be no assurance that the forward-looking statements contained in
this press release will in fact transpire or prove to be accurate.
SOURCE Projectavision, Inc.
-0- 11/10/98
/CONTACT: Martin J. Holleran, CEO of Projectavision, 212-971-3000; or
Alex Stanton of Stanton-Crenshaw, Media Contact, 212-780-1900, or
alex@stantoncrenshaw.com; or Frank Hawkins of Hawk Associates, Institutional
Investor Relations, 305-852-2383, or Fhawk@hawkassociates.com/
/Web site: hawkassociates.com
Companies or Securities discussed in this article:
Symbol
Name
NASDAQ:PJTV
Projectavision Inc |
