$1.1 million in operating capital and the company operating near or at breakeven ?
Sounds like EDIG will be here longer than some would like to see.
(SAN DIEGO, CA - June 10, 2003) - e.Digital Corporation (OTC: EDIG) announced today that it received over $1.1 million in funding through the sale of approximately six million common shares. The shares were sold at $0.19 to 18 investors. Many of these investors have purchased e.Digital shares on the open market and participated in prior equity and debt offerings. This transaction terminates the offering of shares by the Company pursuant to the prospectus dated April 23, 2002, as amended.
"We are on track to complete and deliver on three major OEM contracts (Softeq/Hewlett Packard, Eclipse by Fujitsu Ten and APS) this summer, with the Softeq/Hewlett Packard product scheduled for completion and delivery this month," said Fred Falk, CEO of e.Digital. "We and our customers are very excited about the function and look of these three state-of-the-art electronic products. All three contracts have the potential for larger follow-on orders and further product and business opportunities."
Falk continued, "We are also working on important new business developments. A rapidly growing number of companies are seeking a domestic solution for new product development. This financing improves our competitive position and we believe it will yield major new OEM business, increase corporate visibility, and support increasing quarterly revenues."
The Company also announced the appointment of Jo Ann Platt as Marketing Communications Manager to replace Wendy Ravenel. Ms. Ravenel resigned for personal reasons after almost nine years of service to e.Digital.
"We appreciate Wendy’s many years of dedication to e.Digital," said Robert Putnam, senior vice president of e.Digital. "We wish Wendy well in her future endeavors and we welcome Jo Ann to her new post with the Company."
Prior to joining e.Digital, Ms. Platt served as Director of Corporate Communications for Verance, the leader in digital audio watermarking technologies and broadcast monitoring and verification. Prior to working for Verance, she served as Director of Public Relations with CollegeClub.com and as Marketing Manager at InterVU. Ms. Platt’s tenure at InterVU began in the early days of the company and extended beyond its public offering and subsequent acquisition by Akamai Technologies. Ms. Platt is a graduate of San Jose State University with a Bachelor’s Degree in Communications.
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