Business Wire:
Thursday January 16 10:49 AM EDT
Projectavision concludes $3.5 million private placement
NEW YORK--(BUSINESS WIRE)--January 16, 1997-- Projectavision Inc announced today
that it had closed the $3.5 million private placement of convertible preferred stock which it initially
disclosed in its press release last week on January 7th.
The preferred stock, which was sold to a foreign institutional investor pursuant to Regulation D
promulgated under the Securities Act of 1933, as amended, is convertible into shares of the
company's common stock commencing in May, 1997 at a discount indexed to the then current
market price of the company's common stock. Notwithstanding this indexing to future market
prices, the conversion mechanism has a "floor" such that the preferred stock can only be converted
into a finite number of shares of common stock based upon future sales and revenues of the
company. The company noted that full details of the transaction will be set forth in a Current
Report on Form 8-K that the company intends to file with the Securities and Exchange
Commission within the next few days.
Projectavision's Chairman of the Board, Marvin Maslow, stated that "We intend to use this new
capital principally in connection with the commencement of the production and introduction of our
Digital Home Theater, which won the 1997 Design & Engineering Showcase Award at the
recently completed Consumer Electronics Show in Las Vegas, Nevada." The company's Digital
Home Theater, which the company intends to bring to market in the first quarter of this year, offers
consumers the flexibility of a 60-inch rear projection TV, a front projection home theater image
size ranging up to 20 feet (240 inches), and a giant screen SVGA high resolution computer
monitor, all in one easy-to-use product.
Projectavision Inc. is a New York based company, in the business of developing and marketing
technological innovations in the electronics display and information industries. Copies of
Projectavision's press releases, SEC filings, current price quotes, and other corporate information
may be found on the company's Web Site at hawkassociates.com
The foregoing press release contains forward looking statements, including statements regarding,
among other items, the timing and direction of the company's growth, the introduction of certain of
the company's products, anticipated raising of capital and additional capital requirements.
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 forward looking statements as a result of a variety of
factors including, among others, the production of schedules of unaffiliated third parties, availability
of component parts, obtaining requisite regulatory approvals, issues related to optics, and
prevailing economic conditions as they affect the consumer electronics industry in general.
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.
CONTACT: Projectavision Inc., New York
Marvin Maslow, 212/971-3000 |
