Xybernaut Corporation (Nasdaq) Completes Above Market Financing of
More Than $4 Million With Institutional Investors
PR Newswire - July 14, 1998 11:51
Significant Revenues Expected in Fourth Quarter From Launch of Wearable MA IV
FAIRFAX, Va., July 14 /PRNewswire/ -- Xybernaut Corporation (Nasdaq: XYBR), a leading developer and marketer of wearable computers, has completed private financing in excess of $4 million in separate transactions with institutional investors. Each investor purchased restricted common stock at share prices well above current market, Edward G. Newman,Xybernaut(R)'s President and CEO, announced today.
"We are pleased that these institutional investors, each of which has made a prior investment in Xybernaut, have not only chosen to invest again with us, but to do so in a manner which we believe reflects their long term commitment to the Company. By paying significantly above market prices for common stock, and agreeing that the stock be restricted for periods of up to a year and longer, these institutions have clearly displayed confidence in the management and personnel of Xybernaut and the direction in which we are bringing the Company," said Mr. Newman.
David Schweppe, Xybernaut's Vice President of Marketing, added: "These funds will be useful in our worldwide launch of the next generation wearable computer, the Mobile Assistant(R) IV (MA IV). We believe the MA IV represents a paradigm shift for the computing industry . The launch of the MA IV remains on schedule and we expect Xybernaut will enjoy significant revenues from that platform in the fourth quarter of this year."
Steven A. Newman, Vice Chairman of Xybernaut, commented: "We are extremely focused on, and optimistic about the future, and are constantly attempting to reward shareholder loyalty by increasing shareholder value at minimal dilution. We are well capitalized and this financing has already enabled Xybernaut to impressively improve its business and investment banking relationships."
Xybernaut Corporation is a leader in providing hardware, software and service solutions to the wearable computing industry. The Company's patented wearable computer systems feature speech-activation, flat panel and head-mounted displays that allow users hands-free access to information in the computer's internal storage, in local area networks, and on the Internet on an as-needed, where-needed basis. Xybernaut's software is designed to provide users with the right information needed for the task at hand using consistent navigation techniques and screen presentations. Xybernaut's customers include leading corporations and government agencies for many mobile knowledge delivery system applications, including maintenance and
repair, inspection, inventory control, manufacturing and data collection.
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan", "confident that", "believe", "expect", or "intend to" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of components for, and delays in the start of, production of the next generations of the Mobile Assistant, general acceptance of the Company's products and technologies, competitive factors,the ability to successfully complete additional financing and other risks described in the Company's SEC reports and filings.
Mobile Assistant and Xybernaut are registered trademarks of Xybernaut Corporation.
SOURCE Xybernaut Corporation
/CONTACT: Steven A. Newman of Xybernaut, 703-631-6925/
/Company News On-Call: prnewswire.com or fax, 800-758-5804,
ext. 114624/
(XYBR) |
