Syscan Imaging Sells $1.865 Million of Series A Convertible Preferred Stock
15 Marzo 2005 - 8:31PM
PR Newswire (US)
Syscan Imaging Sells $1.865 Million of Series A Convertible
Preferred Stock SAN JOSE, Calif., March 15 /PRNewswire-FirstCall/
-- Syscan Imaging, Inc. (OTC:SYII) (BULLETIN BOARD: SYII) , an IP
driven OEM and private label manufacturer of mobile image scanning
systems and image display solutions, announced today the sale of
$1.865 million of its Series A Convertible Preferred Stock to nine
institutional and retail investors. The Preferred Stock is
convertible into shares of common stock at an initial fixed
conversion price of $1.00 per share, subject to adjustment. The
investors also received five-year warrants to purchase an
additional 932,500 shares of common stock at an exercise price of
$2.00 per share. Syscan President and CEO, Darwin Hu, stated, "This
financing is a very important step in our growth. It's a vote of
confidence in our business plan and recognition of our ability to
execute. We plan to use the financing proceeds to fund sales,
marketing, research and development and to provide working
capital." The Company received net proceeds of approximately
$1,653,500 after the payment of commissions and other fees and
expenses of the offering. About Syscan Headquartered in San Jose,
California and operating as a Delaware corporation, with additional
offices in the Netherlands and Hong Kong, Syscan Imaging, Inc.
designs and manufactures imaging technology solutions. Currently
the Company ships proprietary mobile image-scanning products to
customers throughout the United States, Canada, Europe, South
America, Australia and Asia. The Company has been granted 21
patents related to imaging technology with additional patents under
review. Syscan Imaging, Inc.'s common stock is publicly traded on
the OTC Bulletin Board under the symbol SYII. The securities
offered and sold in the offering have not been registered under the
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent registration or an applicable exemption
from the registration requirements of the Securities Act. As part
of the terms of the offering, the company is obligated to file a
registration statement to register for resale under the Securities
Act the shares of common stock underlying the shares of preferred
stock and warrants issued in the offering. Note on Forward-Looking
Statements Statements contained in this press release, which are
not historical facts, are forward-looking statements as that term
is defined in the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based largely on current
expectations and are subject to a number of known and unknown
risks, uncertainties and other factors beyond our control that
could cause actual events and results to differ materially from
these statements. These statements are not guarantees of future
performance, and readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date of this release. Syscan undertakes no obligation to update
publicly any forward-looking statements. DATASOURCE: Syscan
Imaging, Inc. CONTACT: David Clark, Senior Vice President of
Business Development of Syscan Imaging, +1-561-835-4069
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