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RoboGroup T.E.K. Ltd. Announces Execution of Standby Equity
Distribution Agreement with Cornell Capital Partners LP For up to $5.5 Million
ROSH HA'AYIN, Israel, June 23 /PRNewswire-FirstCall/ -- RoboGroup T.E.K. Ltd.
(NASDAQ:ROBO), today announced that it has signed a Standby Equity Distribution
Agreement ("The Agreement") that allows it, at its option, to issue shares to
investment fund Cornell Capital Partners up to a maximum value of US$5.5
million.
Under the terms of the Agreement, RoboGroup may, at its discretion, issue
shares to Cornell at any time over the next two years. The maximum aggregate
amount of the equity placements pursuant to the Agreement is US$5.5 million.
Subject to this limitation, RoboGroup may draw down up to US$250,000 per week.
The facility may be used in whole or in part entirely at RoboGroup's
discretion. The issuance of the shares according to the Agreement is subject to
an effective registration statement and the approval of RoboGroup's
shareholders. The shares will be issued to Cornell at the market price as of
the date of the issuance and in accordance with the terms of the Agreement.
RoboGroup's CEO Rafael Aravot commented: "We are delighted to have signed this
agreement with Cornell. The advantage of this agreement is that although the
funds are secured and available to us, any draw down of the facility will be at
our discretion. I believe that this should give shareholders and investors
confidence that we have a source for the funds needed for the continuation and
the expansion of our operations."
"RoboGroup is an outstanding investment opportunity for us," said Mark Angelo,
President and Portfolio Manager at Cornell Capital. "In our view, the different
sectors, in which RoboGroup operates, show enormous potential, and we believe
that RoboGoup is well positioned. We are eager to assist RoboGroup in meeting
its ongoing financing needs for growth, and we look forward to a long-term
relationship with the Company."
About RoboGroup
RoboGroup engages in three business sectors. The first sector is devoted to
RoboGroup's training products and e-learning systems. RoboGroup is a world
leader in engineering and manufacturing technology training systems. The
Company is market driven, deriving its growth from technological leadership,
strong partnerships and management expertise. The second is Yaskawa Eshed
Technology (YET), a joint venture with Japan's Yaskawa Electric Corp., which
provides industrial motion controls, particularly those based on its patented
algorithms. The third focuses on MemCall, a fabless VLSI semiconductor
developer with unique Call Out Memory(TM) technology for Internet and
communications applications requiring intensive search and filter capabilities.
For more information, visit http://www.robo-group.com/.
About Cornell Capital Partners, LP
Managed by US based Yorkville Advisers LLC, Cornell Capital Partners, LP is a
key player in structuring and executing equity agreements. Facilities similar
to this Standby Equity Distribution Agreement are widely utilized by companies
in the USA, UK and Australia. To date, the Cornell group has made available in
excess of $800 million for over 100 publicly traded corporations. For more
information please visit: http://www.cornellcapital.com/
To the extent that this press release discusses expectations about market
conditions or about market acceptance and future sales of the Company's
products, or otherwise makes statements about the future, such statements are
forward-looking and are subject to a number of risks and uncertainties that
could cause results to differ materially from the statements made. These
factors include the rapidly changing technology and evolving standards in the
industries in which the Company and its subsidiaries operate, risks associated
with the acceptance of new products by individual customers and by the market
place and other factors discussed in the business description and management
discussion and analysis sections of the Company's Annual Report on Form F-20.
Company Contact:
Talia Myron
RoboGroup
+972-3-900-4170
Agency Contact:
Ayelet Shiloni
Integrated IR
+1-866-447-8633
DATASOURCE: RoboGroup t.e.k. Ltd
CONTACT: Company Contact: Talia Myron, RoboGroup,
, +972-3-900-4170; Agency Contact:
Ayelet Shiloni, Integrated IR, ,
+1-866-447-8633