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LTII: Financing Delivers 2nd Tranche of $300K Under $1M Securities Purchase Agreement

Thursday , February 23, 2006 09:32 ET

Luna Technologies International, Inc. (LTII) announced the receipt of the second tranche of $300,000 under a $1,000,000 Securities Purchase Agreement financing arrangement. The proceeds of the offering will be used for general corporate purposes and working capital. Current working capital requirements are for increased inventories and accounts receivable to fulfill the expected demand from the New York City market, as New York City office building owners are required by law to install photoluminescent egress markings in all office buildings over 75 feet in height by July 21, 2006. Also, additional working capital is being used to facilitate high profile sales in the Singapore market.

The Securities Purchase Agreement is for the sale of $1,000,000 in secured convertible notes bearing 8% interest and for warrants to purchase 1,000,000 shares of Luna at an exercise price of $0.40. The third tranche will be disbursed within five days of the registration statement filed by Luna being declared effective by the SEC.