SpatiaLight Secures $15.4 Million Financing
30 Abril 2007 - 7:00AM
PR Newswire (US)
Company to Focus on New Customer and New Product Initiatives
NOVATO, Calif., April 30 /PRNewswire-FirstCall/ -- SpatiaLight,
Inc. (NASDAQ:HDTV), a leading developer and manufacturer of ultra
high-resolution Liquid Crystal on Silicon (LCoS) microdisplays for
the high definition television, near-to-eye, head mounted display
and micro-projector markets, announced today that it has entered
into agreements which provide the Company with up to $15.4 million
of financing. "We are pleased to have this funding in place. Our
objectives are to grow the Company both from a revenue perspective
as we bring on new customers and from a product category
perspective with our new product developments and introductions.
The funding provided by this agreement will assure the execution of
these programs in achieving our business goals. This agreement
allows us to focus on the tasks required for success rather than
constantly working on financing," said Dr. David Hakala,
SpatiaLight's Chairman and Chief Executive Officer. Dr. Michael
Jin, SpatiaLight's Chief Technology Officer added, "This funding
will ensure our ability to successfully complete the developments
of key projects with respect to our exciting new micro-projector
and near-to-eye (NTE) head mounted display (HMD) product lines, as
well as provide for the technical sales support for our existing
T-3 microdisplay rear projection TV product line as we expand our
customer base in this segment." On April 26, 2004, the Company
entered into an Equity Credit Agreement with six institutional
investors, Southridge Partners, LP, Southshore Capital Fund Ltd.,
Pierce Diversified Strategy Master Fund, LLC, ENA, Enable
Opportunity Partners LP, Enable Growth Partners LP, and Iroquois
Master Fund Ltd. effective as of April 24, 2007 under which the
Company may elect and the investors are required to purchase from
time to time, over a period of eighteen (18) months, shares of the
Company's Common Stock having an aggregate market value of
$15,400,000. The first $3,700,000 in Common Stock to be sold by the
Company pursuant to the Equity Credit Agreement will be priced at
100% of the market value on the dates of sale. The balance of the
shares of Common Stock may be sold under the Equity Credit
Agreement only after approval by the Company's stockholders, and
will be sold at 95% of the market value on the dates of sale. No
warrants are to be issued pursuant to the Equity Credit Agreement
transactions. In consideration for this financing as well as other
items described below, SpatiaLight entered into a Waiver,
Rescission and Settlement Agreement effective as of April 24, 2007
with six institutional investors that were parties to the
Securities Purchase Agreement and Registration Rights Agreement
dated November 28, 2006, and the Securities Purchase Agreement and
Waiver Agreement dated February 23, 2007. Under the terms of the
Settlement Agreement, the investors released disputed claims under
both the November 2006 and February 2007 Financings; returned for
cancellation Warrants to purchase 4,800,000 shares of the Company's
Common Stock, that were issued in the November 2006 Financing; and
entered into an Escrow Agreement pursuant to which the Company will
issue into Escrow, from time to time, an unspecified number of
shares of its Common Stock, and the investors will deliver into
Escrow 4,002,307 shares of the Company's common stock previously
issued pursuant to the November 2006 and February 2007 financings
for resale, all having an aggregate market value of $4,354,387. Dr.
Hakala said, "This restructuring of our prior two financings
eliminates our registration and liquidated damage obligations and
eliminates all restrictions on future financings from these prior
agreements, as well as returns 4.8 million warrants to the Company
and delivers 4 million shares of the Company's Common Stock into
escrow. It will be at the Company's option as to whether to use the
equity line provided under this agreement or to find other
financing sources if they are deemed to be more desirable to the
Company." All of the new shares of Common Stock to be sold pursuant
to the Equity Agreement or issued pursuant to the Waiver,
Rescission, and Settlement Agreement are registered pursuant to the
Company's Registration Statement on Form S-3 (File No. 333-137100)
which was declared effective by the U.S. Securities and Exchange
Commission on February 14, 2007. About SpatiaLight SpatiaLight,
Inc., founded in 1989, manufactures high-resolution LCoS imagers
for use in high-definition display applications such as rear
projection televisions, monitors, front projection systems,
near-to-eye applications, micro-projectors and other display
applications. The company's primary manufacturing facility is
located in South Korea. SpatiaLight is committed to developing
microdisplay technologies that will be the standard for the next
generation of these products and to providing OEMs with the most
cost effective, high-resolution microdisplays in the industry. For
more information about SpatiaLight, please visit the Company's
website at: http://www.spatialight.com/ . Safe Harbor Statement
This news release includes forward-looking statements that reflect
SpatiaLight's current expectations about its future results,
performance, prospects and opportunities. SpatiaLight has tried to
identify these forward- looking statements by using words and
phrases such as "may," "will," "expects," "anticipates,"
"believes," "intends," "estimates," "plan," "should," "typical,"
"preliminary," "we are confident" or similar expressions. These
forward-looking statements are based on information currently
available to SpatiaLight and are subject to a number of risks,
uncertainties and other factors that could cause SpatiaLight's
actual results, performance, prospects or opportunities in the
remainder of 2007 and beyond to differ materially from those
expressed in, or implied by, these forward-looking statements.
These risks and uncertainties are outlined in the Company's filings
with the U.S. Securities and Exchange Commission, including its
most recent reports on Form 10-Q and 10-K. DATASOURCE: SpatiaLight,
Inc. CONTACT: SpatiaLight, Inc., +1-415-883-1693 Web site:
http://www.spatialight.com/
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