SeaView to Redeem $1,440,000 in Previously Issued Convertible Debentures
Monday August 25, 7:55 am ET
TIERRA VERDE, Fla.--(BUSINESS WIRE)--Aug. 25, 2003--SeaView Video Technology, Inc. (OTCBB:SEVU - News), the leader in powerline communication products, has entered into a redemption agreement with the convertible debenture holders to redeem the $1,000,000 12% convertible debenture purchase agreement executed September 20, 2002 and the $440,000 12% convertible debenture agreement executed May 9, 2003. The redemption is scheduled to close on or before September 2, 2003 at which time SeaView will pay all remaining principal balances which had not been previously converted into common stock, any accrued interest, and any applicable prepayment penalties in cash. In addition, SeaView did not execute the last two remaining $60,000 tranches of the May 9, 2003 12% convertible debenture agreement.
Commenting on these results, George S. Bernardich III, SeaView's Chairman & CEO stated, "The redemption is a major accomplishment for the Company and we expect many more milestones to be achieved in the coming months. The investment by the debenture holders allowed us to begin the implementation of our business plan, which resulted in 102.5% sales growth for the trailing four quarters. They have served their purpose in our company's growth and we appreciate the risk these investors took as the SeaView team's achievements and efforts allowed them to be repaid and amply rewarded for that risk. Now, improving our balance sheet, strengthening our national sales force, and securing additional funding through private placement and/or debt financing are among our goals for the immediate future. In addition, SecureView, 'camera in a light bulb', will return to the airwaves late this week on Shop At Home Network TV after a successful debut earlier this month. The Company is taking one step at a time toward our long-term goal to become a worldwide leader in the manufacturing and distribution of PowerLine communication products to consumer, commercial and industrial markets."
Significant highlights of Company achievements since acquiring funding in September 2002 include:
SeaView revamps website, www.seaview.com, to accept direct internet sales.
SeaView expands distribution of SecureView with cataloger, Heartland America, Inc.
SecureView debuts in July with catalog leader Frontgate's newest catalog; "Grandin Road(TM)."
SeaView executes a 5 year contract with Audiovox® Specialized Applications, LLC (ASA), the CCTV market share leader in the RV distribution channel, to distribute SeaView's PowerLine Vision Systems (PLVS)(TM) technology to the Recreational Vehicle segment of the transportation market in North America.
SeaView participates in the National Intelligent Vehicle Initiative meeting sponsored by the United States Department of Transportation with a demonstration of our PowerLine Vision Systems (PLVS)(TM) on a Mack CH600 Tractor and gasoline tanker operated by McKenzie Tank Lines of Tallahassee, Florida.
SIA Truck Bodies, Inc., a leading Ford® Truck Bailment Pool dealer in the Southeastern United States, begins distribution of our PowerLine Vision Systems (PLVS)(TM) as an option on its truck body models and vans for Truck Dealers and its fellow National Truck Equipment Association (NTEA) members.
SeaView enters into a strategic business alliance with China Silian Group Co., Ltd (SIC Group), www.sicc.com.cn, of Chongqing, China who is one of the 500 largest industrial enterprises in China, manufacturing a wide array of electrical instrument products for worldwide distribution to customers who include ABB Ltd. and Siemens AG.
SecureView debuts on leading direct television retailer, Shop At Home Network, LLC.
Four consecutive quarters of comparative sales growth with generated sales of $1,044,031 versus $515,505 for the comparable four quarters through June 30, 2003 which is a 102.5% sales gain.
About SeaView Video Technology Inc.
SeaView Video Technology Inc., www.seaview.com, designs, manufactures and markets, among other devices, products and applications developed to transmit voice, video, audio and data either individually or any and all combinations over power lines, in AC and DC power environments, on any and all power grids. The Company has also developed and manufactures different kinds of underwater video cameras, lights and accessories for the marine, commercial and consumer retail markets.
