LNGT (.09) Laser Energetics Pays Off Cornell Capital Partners LP
Wednesday, November 28 2007 8:29 AM, EST PR Newswire "US Press Releases "
PRINCETON, N.J. , Nov. 28 /PRNewswire-FirstCall/ -- Laser Energetics, Inc. (Pink Sheets: LNGT) announced today that the toxic convertible debentures that the Company previously issued to Cornell Capital Partners LP (now known as YA Global Investments) have been paid in full. The Company no longer owes any money to Cornell. As of today's announcement, the Company has approximately 210,732,554 shares of common stock outstanding.
Robert D. Battis, Chairman and Chief Executive Officer of Laser Energetics, stated, "We would like to thank Cornell for providing financing at a time when financing was a difficult proposition. However, times have changed. We are now generating important orders, and are commercializing our intellectual property. In addition we're negotiating joint venture agreements, and are poised for dramatic growth because of pending military and homeland security contracts. As a result, we have more beneficial and advantageous sources of financing available to us. We are very excited to convey this happy news to our shareholders."
Battis continued, "We can now focus our energies on developing our business. Our BrightStar(TM) Alexandrite laser technology has gained a lot of attention from the defense industry. We're currently working with several large contractors to identify new and additional applications for the technology. We expect to be in a position to make several announcements regarding these developments in the very near future."
About Laser Energetics, Inc. :
LEI has and continues to develop a comprehensive and strategic laser product line that addresses applications in Industry, Science, Medicine and the Military. The Company has had a primary focus on its Alexandrite laser technology. These tunable solid state lasers are unique in that they can be conductively air cooled to compete favorably against water cooled lasers in many applications. In addition, these lasers have one of the greatest wavelength tuning ranges with a bandwidth of over 250nm. The company is pursuing markets that are diverse yet can use the same laser with their compact user friendly design. This laser technology provides a sustainable advantage over many other lasers because of their tune-ability, conductively air cooled operation, and their efficiency allowing these lasers to operate at 110 Volts as compared to other less efficient competitive lasers that are large and need 220 Volts to operate.
Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
SOURCE Laser Energetics, Inc.
