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

To: Greg Jung who wrote (87)	3/30/1998 11:06:00 AM
From: Joe Griffin	Read Replies (1) \| Respond to of 213

PixTech Completes $4 Million Equity Private Placement SANTA CLARA, Calif., and ROUSSET, France, March 30 /PRNewswire/ -- PixTech, Inc.(Nasdaq and EASDAQ: PIXT) today announced, it has completed a $4 million equity offering with The Kaufmann Fund (KAUFX) in a private placement. The Kaufmann Fund received 1,000,000 shares of PixTech's common stock at a purchase price of $4.00 per share. With the private placement, The Kaufmann Fund becomes PixTech's largest shareholder with 1,679,000 shares or approximately 11.4% of PixTech's outstanding shares. Jean-Luc Grand-Clement, PixTech's Chairman and Chief Executive Officer, stated, ''We are delighted to have the strong support of the Kaufmann Fund. This investment strengthens our balance sheet and provides us with the capital necessary to continue our growth plans. As I have stated before, high-volume manufacturing of FED displays is our top priority in 1998 and I expect this capital infusion to allow us to remain on schedule at Unipac. We expect to run the full manufacturing process and produce our first displays at Unipac by mid 1998.'' ''We are pleased to be involved with PixTech,'' stated Hans Utsch, president of The Kaufmann Fund. ''We believe that field emission displays have enormous growth potential and that PixTech's displays demonstrate superior quality. Our investment should help PixTech with the commercial introduction of its displays and allow PixTech to capitalize on the growth opportunity in this industry.'' About The Kaufmann Fund The Kaufmann Fund is a small company aggressive growth fund with assets of approximately six billion dollars under management. These assets are invested primarily in companies beyond the venture stage that have established profitability and have substantial growth prospects. Generally these companies have strong positions in the markets they serve as a result of proprietary technology or unique services. The fund managers with rare exception meet the management of the companies in the portfolio. Most of the positions in the portfolio were first purchased on the initial public offering (IPO). 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 and a R&D facility and sales office in Santa Clara, Calif. 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, its exclusive distributor in Japan. In addition, PixTech has formed an industrial alliance, sharing FED technology, patents and know-how with Motorola, Raytheon and Futaba (Japan). More information is available from the company's web site at www.pixtech.com. Statements that are not historical facts, including statements about PixTech's confidence and strategies, the timing of its manufacturing plans with Unipac, and its distribution agreement with Sumitomo, the development of new or existing products, technologies and opportunities, market 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 ease or the difficulty of the transfer of the FED technology to Unipac, product demand and market acceptance risks, commitment of Unipac and/or of members of the FED Alliance, ability of the company to expand the FED Alliance, 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 and other risks detailed in PixTech's Securities and Exchange Commission filing including its Form 10-K for the year 1997. SOURCE: PixTech, Inc.