DirectView, Inc. Inc. Announces Langley Park Investment Trust Plc Begins Trading on London Stock Exchange
BOCA RATON, Fla.--(BUSINESS WIRE)--Oct. 7, 2004--DirectView Inc. (OTCBB:DRVW) announced today that Langley Park Investment Trust Plc was admitted to the Full List of the London Stock Exchange and that dealings in Langley shares have commenced on Oct. 7, 2004. DirectView, Inc. had previously signed an agreement with Langley to engage in a transaction for the funding of the company. The agreement calls for the purchase, by Langley, of DirectView Inc. restricted common shares, valued at the time of the closing at $2,398,750.00 USD, in exchange for shares of the investment company.
Langley has been established specifically to invest in U.S. micro cap companies with long-term growth potential.
Langley has entered into a "lock-up" agreement with DirectView Inc. pursuant to which it has agreed not to trade DirectView Inc. shares it will receive as a result of this transaction for a period of two years from the closing date. In full payment for the shares of DirectView Inc., Langley has issued to DirectView Inc. $2,398,750.00 USD equivalent of its shares at a price per share valued at One Pound Sterling.
Fifty percent of Langley's shares issued to DirectView Inc. will be held in escrow for two years following their issuance and in the event the per share market price of DirectView Inc. common stock at such time is less than the per share value of DirectView Inc. stock at the time of the closing, Langley shall be entitled to the return out of escrow a percentage of the investment company's shares equal to the market value of such decline. The remaining shares held in escrow shall be released to DirectView Inc. at the time of any such release back to Langley.
Jeffrey Robbins, President of DirectView stated, "We are very pleased to be receiving this capital infusion. This will enable DirectView to aggressively begin new marketing of our current products and services. It will further provide for continued development of our proprietary videoconferencing products."
About DirectView, Inc.
DirectView Inc. (http://www.DirectViewInc.com) is a full-service provider of high-quality, cost efficient videoconferencing technologies and services. DirectView provides multipoint videoconferencing, network integration services, custom room design, staffing, document conferencing and IP / Webconferencing services to businesses and organizations in the United States and around the world. DirectView conferencing services enable our clients to cost-effectively, instantaneously conduct remote meetings by linking participants in geographically dispersed locations.
This announcement contains forward-looking statements that involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, full completion with the investment company, among others, the company's limited operating history, the limited financial resources, domestic or global economic conditions -- especially those relating to China, activities of competitors and the presence of new or additional competition, and changes in Federal or State laws, restrictions and regulations on doing business in a foreign country, in particular China, and conditions of equity markets. More information about the potential factors that could affect the company's business and financial results is included in the Company's filings, available via the United States Securities & Exchange Commission.
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