DirectView, Inc. Inc. Announces Langley Park Investment Trust Plc Begins Trading on London Stock Exchange
BOCA RATON, Fla.--(BUSINESS WIRE)--Oct. 7, 2004--DirectView Inc. (OTCBB:DRVW) announced today that Langley Park Investment Trust Plc was admitted to the Full List of the London Stock Exchange and that dealings in Langley shares have commenced on Oct. 7, 2004. DirectView, Inc. had previously signed an agreement with Langley to engage in a transaction for the funding of the company. The agreement calls for the purchase, by Langley, of DirectView Inc. restricted common shares, valued at the time of the closing at $2,398,750.00 USD, in exchange for shares of the investment company.
Langley has been established specifically to invest in U.S. micro cap companies with long-term growth potential.
Langley has entered into a "lock-up" agreement with DirectView Inc. pursuant to which it has agreed not to trade DirectView Inc. shares it will receive as a result of this transaction for a period of two years from the closing date. In full payment for the shares of DirectView Inc., Langley has issued to DirectView Inc. $2,398,750.00 USD equivalent of its shares at a price per share valued at One Pound Sterling.
Fifty percent of Langley's shares issued to DirectView Inc. will be held in escrow for two years following their issuance and in the event the per share market price of DirectView Inc. common stock at such time is less than the per share value of DirectView Inc. stock at the time of the closing, Langley shall be entitled to the return out of escrow a percentage of the investment company's shares equal to the market value of such decline. The remaining shares held in escrow shall be released to DirectView Inc. at the time of any such release back to Langley.
Jeffrey Robbins, President of DirectView stated, "We are very pleased to be receiving this capital infusion. This will enable DirectView to aggressively begin new marketing of our current products and services. It will further provide for continued development of our proprietary videoconferencing products."
