Press Release Source: MicroSignal Corp.
MicroSignal Corp. in Negotiations with Ravinia Capital LLC
Monday October 6, 12:50 am ET
LAS VEGAS--(BUSINESS WIRE)--Oct. 6, 2003--MicroSignal Corp. (OTCBB:MSGL - News) announced today that its Board of Directors and management met with principals of Ravinia Capital LLC in Las Vegas, Nev. last Thursday October 2nd and Friday October 3rd to finalize the terms of a new investment banking agreement. Ravinia Capital LLC is a boutique investment banking firm based in Atlanta, Ga. Ravinia Capital LLC which is a registered broker-dealer with the NASD was represented at the meetings by Jack Stapleton and Stacey McBee.
The terms of the investment banking agreement have been submitted to the Board of Directors for approval. On a best efforts basis, Ravinia Capital LLC has agreed to assist MicroSignal in raising $1,000,000 in bridge financing. The terms of the financing will be finalized after the company implements measures recommended by Messrs. Stapleton and McBee. These measures include the reduction of balance sheet debt owed to existing shareholders by the issuance of stock to them that had previously been held in treasury. It is anticipated that this reduction in debt will make new financings more attractive to investors. MicroSignal believes that the reduction of debt will result in less than $300,000 being owed to creditors subject to its auditors review and consent.
The meeting with Ravinia Capital LLC was considered to be a milestone in the company's efforts to commercialize its proprietary SLICES technology(TM). This technology provides Magnetic Resonance Imaging devices with a "plug and play" upgrade that enhances imagery and reduces patient pass through time for both new and older generation devices. The company's software engineers and management team believe that fully operational SLICES(TM) units will be available at the end of the 4Q03.
In addition to the financing, Ravinia Capital LLC will be instrumental in assisting the company in negotiations with more seasoned and well-financed companies in the medical diagnostic industry for both strategic alliances through cross-licensing agreements and mergers. The Board of Directors and management were in consensus after the meetings with Ravinia Capital LLC that the greatest potential for revenue is to fast track SLICES into production and thereby increase the company's value with merger candidates.
This Press Release contains "forward looking" statements as that term is defined by Section 27A of the Securities Act of 1933, as amended, (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). All statements that are included in this Press Release other than statements of historical fact are "forward looking" statements. Although Management believes that the expectations reflecting in these forward looking statements are reasonable. It can give no assurance that such expectations will prove to have been correct. Important factors could cause actual results to differ materially from the expectations as disclosed herein, including without limitation, in conjunction with these forward looking statements contained in this Press Release.
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Contact:
MicroSignal Corp.
Dr. Rupert Perrin, Director
or
Princeton Research, Inc.
Mike King, 702-650-3000
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Source: MicroSignal Corp.
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