Viscount Systems (VSYS)

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Viscount Completes $1 Million Private Placement
Date : 06/11/2012 @ 7:27PM
Source : Business Wire
Stock : Viscount Systems, Inc. (VSYS)
Quote : 0.31 0.0 (0.00%) @ 5:08PM



Viscount Completes $1 Million Private Placement
PrintAlert
Viscount Systems, Inc. (OTCBB: VSYS) announced today that it has completed the sale of $1,000,000 of its Series A Convertible Redeemable Preferred Stock to two institutional investor groups managed from New York City. Pickwick Capital Partners, LLC acted as the sole placement agent for the transaction.
Proceeds to the company from the sale of the Series A Shares will provide working capital to support and accelerate deployment of the Company’s Freedom Access Control security solution, for investor relations and for working capital purposes.
Steve Pineau, CEO of Viscount Systems, stated, “We are pleased to have completed this private placement with two institutional investor groups that showed confidence in the uniqueness of our unified IT/access control platform. We believe that the cost and security advantages of our patent-pending technology will continue to attract end-users in both the commercial and government sectors.”
The Series A Shares are convertible into shares of common stock of the Company at the rate of $0.0407 per common share. The Company also issued the Series A Share investors 5 year warrants to purchase 12,285,012 shares of common stock at a price of $0.08 per common share. The Series A Shares are subject to the provisions of the Company’s Certificate of Designation, Preferences and Rights of the Series A Convertible Redeemable Preferred Stock, including restrictions on voting and conversion rights to 4.99% of the outstanding common stock per holder, and dividends of 8% payable in cash or Series A Shares. The Company also granted registration rights to the holders of the Series A Shares that may be exercised in certain circumstances. Additional information on the Series A Shares is included in the Form 8K filed with the SEC.



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