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Microcap & Penny Stocks : Microvision (MVIS) -- Ignore unavailable to you. Want to Upgrade?

To: Bert Chadick who wrote (2313)	4/5/1999 5:51:00 PM
From: dwight martin	Read Replies (2) \| Respond to of 7720

Microvision Completes $6 Million Equity Financing SEATTLE, April 5 /PRNewswire/ -- Microvision, Inc., (Nasdaq: MVIS; MVISW), developer of Virtual Retinal Display(TM) (VRD)(TM) technology, today announced that it has raised $6 million of new equity in a private placement of common stock. The investor is a fund managed by Heights Capital Management, a private equity investor in emerging growth companies. Josephthal & Co. of New York acted as investment banker to Microvision. The company sold 440,893 shares of common stock at $13.61 per share, which represented a five percent discount from the average closing bid price for the 10 trading days ending March 30, 1999. In addition, the investor acquired two warrants to purchase additional common stock at higher prices, one with a 5-year term and the other with a 1-year term. Under the terms of the agreement, the company will register the shares underlying both the initial sale and the two warrants. Included in the terms is a provision that could result in a one-time adjustment in the number of common shares in the initial sale (but not the warrants) to a fixed maximum. The adjustment would be triggered, only in the event that the market price of Microvision common stock is less than $13.61 on the date of the effectiveness of the registration. Microvision intends to immediately file an S-3 registration statement covering the shares of common stock. ''This financing places Microvision on very solid ground,'' said Rick Rutkowski, Microvision president and CEO. ''The company's strong balance sheet reinforces our ability to continue to execute on an aggressive growth strategy. We believe that this additional financial strength makes the company even more attractive to both existing and prospective investors, and we are pleased to welcome Heights to a growing group of institutional investors in Microvision.'' Richard Raisig, Microvision CFO, stated, ''We are very pleased with the terms of the transaction. Once again we have been able to raise funds on favorable terms. In addition, we have created an investment banking relationship with Josephthal, which we believe can continue to serve the interests of the company and its shareholders.'' [* * *]