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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