DataLogic International Secures $3 Million Financing From Laurus Funds to Support Growth and M&A Initiatives
June 29 2004 - 5:30AM
PR Newswire (US)
DataLogic International Secures $3 Million Financing From Laurus
Funds to Support Growth and M&A Initiatives IRVINE, Calif.,
June 29 /PRNewswire-FirstCall/ -- DataLogic International, Inc.
(OTC Bulletin Board: DLGI; Berlin, Frankfurt Stock Exchange:
779612) today announced that it has secured a $3 million financing
facility with Laurus Master Fund, Ltd. ("Laurus Funds") to support
its organic growth and future merger and acquisition initiatives.
The financing consisted of a $3 million secured convertible term
note. The note has a term of three years and bears an interest rate
of prime plus 2%. It is payable in cash or equity with a conversion
price of $.66, subject to certain limitations. In addition,
DataLogic granted Laurus Funds seven-year warrants to purchase up
to 705,000 shares of the Company's common stock with 425,000,
175,000, and 105,000 shares at $.73, $.76, and $.79 respectively.
"We are delighted to have formed this strategic alliance with
Laurus Funds," commented Derek Nguyen, DataLogic's CEO. "By closing
this transaction, we're also one step closer to meeting the AMEX
exchange requirement of $4 million in shareholder equity, a
critical requirement for us to qualify for listing on that
exchange. Now that we have accomplished this major milestone, we
will be more active in communicating our roadmap and growth
strategies to our shareholders," Nguyen added. DataLogic's
President and CFO, Keith Nguyen, added, "This transaction gives us
the capital to support our fast growing VoIP business segment. It
also allows us to restructure our debt and strengthen our balance
sheet as we reposition our Company in order to meet the added
demands in our core businesses. With the support of Laurus Funds,
we now have the proper financial backing to handle more aggressive
organic growth and external growth via M&A initiatives." About
DataLogic International Inc. DataLogic International, Inc. is a
technology and professional service company dedicated to providing
a wide range of Information Technology and Communications related
products and services. For more information about DataLogic, go to
http://www.dlgi.com/ or contact Investor Relations at or (888)
530-8228. This release contains forward-looking statements within
the meaning of Section 27a of the Securities Act of 1933, as
amended and section 21e of the Securities and Exchange Act of 1934,
as amended. Those statements include the intent, belief or current
expectations of the company and its management team. Prospective
investors are cautioned that any such forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those projected in the forward-looking statements as a result of
various factors. Accomplishing the strategy described herein is
significantly dependent upon numerous factors, many are not in
management's control. Some of these factors include the ability of
the company to raise sufficient capital, attract qualified
management, attract new customers and effectively compete against
similar companies. DATASOURCE: DataLogic International, Inc.
CONTACT: Investor Relations of DataLogic International Inc.,
+1-888-530-8228, Web site: http://www.dlgi.com/
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