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Microcap & Penny Stocks : PixTech (PIXT) Field Emission Displays -- Ignore unavailable to you. Want to Upgrade?

To: Joe Griffin who wrote (189)	8/12/1999 8:28:00 AM
From: Joe Griffin	Read Replies (1) \| Respond to of 213

PixTech Secures $15 Million Equity Line SANTA CLARA, Calif.--(BUSINESS WIRE)--Aug. 11, 1999--PixTech, Inc. (Nasdaq/NM and EASDAQ:PIXT) announced today that the Company has secured a $15 million equity-based line of credit with Kingsbridge Capital Limited, an institutional investor specializing in equity lines. Under the terms of the equity line, PixTech can draw up to $15 million cash in exchange for PixTech's common stock, in increments over a two-year period. The Company may begin to draw on the facility upon registration of the Company's shares with the Securities and Exchange Commission. The decision to draw on any of the funds and the timing and amount of any such draw are at the Company's sole discretion, subject to certain conditions. Such conditions include limitations depending on the volume and the price of PixTech's common stock. Also the minimum amount the Company has to draw is $5M within the two year period. These shares will be issued at a 10% or 12% discount to the market price at the time of any draw. Dieter Mezger, PixTech President and CEO, stated ''This important financing gives us flexibility in structuring our financing options for the next two years. We are convinced about FED's superior benefits in a wide variety of commercial applications. This financing allows us to continue the execution of our product and production strategy.'' Val O'Donoghue, Chairman of Kingsbridge Capital Limited, stated, ''We believe that PixTech's technology in field emission displays has all the characteristics required for a leading edge product line. The provisions now in place for volume production and significant strategic partnerships are very encouraging.'' About PixTech, Inc. PixTech designs, develops and manufactures field emission displays (FEDs), a new type of flat-panel display. The Company operates a flat-panel display pilot manufacturing facility in Montpellier, France, an R&D facility in Boise, Idaho, and offices in Boise, Santa Clara , and Rousset, France. PixTech is currently developing high-volume manufacturing capabilities for its FEDs in Taiwan under a contract manufacturing arrangement with Unipac, a Taiwanese AM-LCD manufacturer. PixTech has also established a marketing partnership with Sumitomo Corporation, the exclusive distributor in Japan. More information is available from the Company's web site at pixtech.com Statements that are not historical facts, including statements about PixTech's confidence and strategies, the development of new or existing products, technologies and opportunities, marked demand or acceptance of new or existing products are forward-looking statements that involve risks and uncertainties. These uncertainties include but are not limited to, the risk associated with transitioning to high volume manufacturing of FED displays at Unipac, product demand and market acceptance risks, commitment of Unipac and / or of PixTech licensees, ability of the Company to grant other licenses under FED technology, validity and enforceability of PixTech's patent rights, infringement by PixTech of other patent rights, impact of competitive product and prices, product development, commercialization or technological delays or difficulties, trade, legal, social and economic risks detailed in PixTech's Securities and Exchange Commission filing including its form 10-K for the year 1998 and any subsequent filings. Contact: PixTech, Inc. Yves Morel, 33 (0)4 42 29 10 00 ymorel@pixtech.com or Lippert/Heilshorn & Associates Lillian Armstrong/Kris Otridge, 415/433-3777 lillian@lhai-sf.com kris@lhai-sf.com