Irvine Sensors and Senior Lenders Agree to Workout of Debt
22 Setembro 2008 - 3:45PM
PR Newswire (US)
COSTA MESA, Calif., Sept. 22 /PRNewswire-FirstCall/ -- Irvine
Sensors Corporation (NASDAQ:IRSND) announced today that it has
executed a binding Memorandum of Understanding ("MOU") with its
senior lenders, Longview Fund, LP and Alpha Capital Anstalt, for a
workout plan intended to retire the debt held by those lenders,
which constitutes substantially all of the Company's long-term
debt. The workout plan involves the UCC sale of the assets of
Irvine's wholly owned subsidiary, Optex Systems, Inc. ("Optex"),
for which the senior lenders have committed to credit bid a minimum
of $15 million. Following the consummation of such a sale, Irvine's
obligations for principal and deferred interest owed to the senior
lenders are expected to be less than $4 million. The senior lenders
have agreed to exchange these residual obligations for a new class
of non-voting convertible preferred stock of Irvine Sensors upon
the Company's closing of anticipated debt or equity financings. The
MOU also contemplates an orderly transition of Optex's operations
to maintain its on-going business and a possible future
relationship between Optex and Irvine Sensors, in which Optex may
act as a contract manufacturer for Irvine Sensors. John Carson, CEO
of Irvine Sensors said, "We are excited about this amicable
workout, as it allows us to eliminate our heavy debt burden and
concentrate on exploiting our proprietary technology to pursue a
growing number of opportunities in our core markets." Irvine
Sensors Corporation (http://www.irvine-sensors.com/), headquartered
in Costa Mesa, California, is a vision systems company engaged in
the development and sale of miniaturized infrared and
electro-optical cameras, image processors and stacked chip
assemblies and research and development related to high density
electronics, miniaturized sensors, optical interconnection
technology, high speed network security, image processing and
low-power analog and mixed-signal integrated circuits for diverse
systems applications. Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995: This message may contain
forward-looking statements based on our current expectations,
estimates and projections about our industry, management's beliefs,
and certain assumptions made by us. Words such as "anticipates,"
"expects," "intends," "plans," "believes," "seeks," "estimates,"
"think," "may," "will" and variations of these words or similar
expressions are intended to identify forward-looking statements.
These statements include, but are not limited to, the ability of
the Company to complete the workout plan and convert the balance of
the debt held by the senior lenders to equity. Such statements
speak only as of the date hereof and are subject to change. We
undertake no obligation to revise or update publicly any
forward-looking statements for any reason. These statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to predict.
Therefore, our actual results could differ materially and adversely
from those expressed in any forward-looking statements as a result
of various factors. Important factors that may cause such a
difference include, but are not limited to, the reaction of
creditors to the workout plan; our ability to raise additional debt
or equity financing; availability of sufficient working capital to
support fulfillment of our contracts pending completion of the
contemplated debt or equity financings; general market conditions;
the effects of international conflicts, natural disasters, public
health emergencies and other events beyond our control; and the
general economic and political conditions and specific conditions
that may impact our operations. Further information on Irvine
Sensors Corporation, including additional risk factors that may
affect our forward looking statements, is contained in our Annual
Report on Form 10-K, our Quarterly Reports on Form 10-Q, our
Current Reports on Form 8-K and our other SEC filings that are
available through the SEC's website (http://www.sec.gov/).
DATASOURCE: Irvine Sensors Corporation CONTACT: Investor Relations
of Irvine Sensors Corporation, +1-714-444-8718, Web site:
http://www.irvine-sensors.com/
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