eMagin To Raise Approximately $10.8 Million Through Direct Equity Placement
(EMAILWIRE.COM, October 26, 2004 ) Hopewell Junction, New York -- eMagin Corporation (AMEX:EMA) today announced that it has entered into definitive agreements with new and existing accredited investors for the purchase of approximately $10.8 million of common stock and warrants. The net proceeds from this offering will be used for general corporate purposes, including the purchase of inventory, capital equipment, and hiring of additional sales and support personnel.
Under the agreement, investors agreed to purchase 10,259,524 shares of common stock at a price of $1.05 per share and Series F Common Stock Purchase Warrants to purchase 5,129,762 shares of common stock at an exercise price of $1.21 per share. The Series F Warrants are exercisable from April 25, 2005 until April 25, 2010. The transaction share price represents a fixed price agreed to by the investors on October 21, 2004.
WR Hambrecht Co served as placement agent for the transaction and Larkspur Capital Corporation served as an advisor. The shares were offered through a prospectus supplement pursuant to the Company's effective shelf registration statement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About eMagin Corporation
A leader in virtual imaging technologies and products, eMagin integrates high-resolution OLED microdisplays, magnifying optics, and systems technologies to create a virtual image that appears comparable to that of a computer monitor or a large-screen television. With unique technology for producing high-performance OLED-on-silicon microdisplays and related optical systems, eMagin is the only company to sample and supply these displays in commercial quantities to OEMs. In addition, the company sells integrated modules to military, industrial and medical customers. eMagin's corporate headquarters and microdisplay operations are co-located with IBM on its campus in East Fishkill, N.Y. Optics and system design facilities are located at its wholly owned subsidiary, Virtual Vision, Inc., in Redmond, WA. For more information, visit http://www.emagin.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including those regarding eMagin Corporation and its subsidiaries' expectations, intentions, strategies and beliefs pertaining to future events or future financial performance. All statements contained herein are based upon information available to eMagin's management as of the date hereof, and actual results may vary based upon future events, both within and without eMagin management's control. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Actual events or results may differ materially from those in the forward-looking statements as a result of various important factors, including those described in the Company's most recent filings with the SEC. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. The business and operations of the Company are subject to substantial risks which increase the uncertainty inherent in forward-looking statements. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.
Media Contact:
Joe Runde, 845-838-7905
jrunde@emagin.com
Investor Contact:
John Atherly, 425-882-7878
jatherly@emagin.com
Under the agreement, investors agreed to purchase 10,259,524 shares of common stock at a price of $1.05 per share and Series F Common Stock Purchase Warrants to purchase 5,129,762 shares of common stock at an exercise price of $1.21 per share. The Series F Warrants are exercisable from April 25, 2005 until April 25, 2010. The transaction share price represents a fixed price agreed to by the investors on October 21, 2004.
WR Hambrecht Co served as placement agent for the transaction and Larkspur Capital Corporation served as an advisor. The shares were offered through a prospectus supplement pursuant to the Company's effective shelf registration statement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About eMagin Corporation
A leader in virtual imaging technologies and products, eMagin integrates high-resolution OLED microdisplays, magnifying optics, and systems technologies to create a virtual image that appears comparable to that of a computer monitor or a large-screen television. With unique technology for producing high-performance OLED-on-silicon microdisplays and related optical systems, eMagin is the only company to sample and supply these displays in commercial quantities to OEMs. In addition, the company sells integrated modules to military, industrial and medical customers. eMagin's corporate headquarters and microdisplay operations are co-located with IBM on its campus in East Fishkill, N.Y. Optics and system design facilities are located at its wholly owned subsidiary, Virtual Vision, Inc., in Redmond, WA. For more information, visit http://www.emagin.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including those regarding eMagin Corporation and its subsidiaries' expectations, intentions, strategies and beliefs pertaining to future events or future financial performance. All statements contained herein are based upon information available to eMagin's management as of the date hereof, and actual results may vary based upon future events, both within and without eMagin management's control. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Actual events or results may differ materially from those in the forward-looking statements as a result of various important factors, including those described in the Company's most recent filings with the SEC. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. The business and operations of the Company are subject to substantial risks which increase the uncertainty inherent in forward-looking statements. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.
Media Contact:
Joe Runde, 845-838-7905
jrunde@emagin.com
Investor Contact:
John Atherly, 425-882-7878
jatherly@emagin.com
Contact Information:
eMagin
Joseph Nchor
Tel:
Email us
This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.
eMagin
Joseph Nchor
Tel:
Email us
This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.
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