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PPT VISION Commences Rights Offering of 5,513,000 Units to Existing Shareholders
Datalogic USA, Inc. Posted 04/08/2002
MINNEAPOLIS, April 4 /PRNewswire-FirstCall/ -- PPT VISION, Inc. (Nasdaq: PPTV) announced today that it has commenced a rights offering of 5,513,000 Units to shareholders of record of the Company's Common Stock on March 22, 2002. Each shareholder is granted the right to purchase one Unit for every share of stock owned as of the record date at a price of $1.00 per Unit.
Each Unit consists of one share of the Common Stock of the Company and one warrant to purchase an additional one-half share of Common Stock. The warrants will be exercisable at $2.50 per share and will expire on September 30, 2003. The rights offering will terminate on May 3, 2002.
Each shareholder has an Oversubscription Privilege to subscribe to an additional 100% of the Rights exercised to the extent that the Rights are not exercised by other shareholders. Alternatively, under the offering, shareholders have the right to purchase up to 1,000 Units regardless of the number of shares owned as of the record date.
The Company intends to use the net proceeds for working capital associated with expanded sales and marketing, international distribution, research and product development and other general corporate purposes. 'We believe that this financing plan will address the Company's working capital and capital resource requirements, enabling PPT VISION to be well positioned to participate in the expected forthcoming improvement in capital spending in the manufacturing sector. We have chosen to use the mechanism of a Rights Offering to address our capital requirements to provide our existing shareholders with an opportunity to purchase shares directly from the Company,' stated Joseph C. Christenson, President.
PPT VISION, Inc. designs, manufactures, markets, and integrates 2D and 3D machine vision-based automated inspection systems for manufacturing applications. Machine vision-based inspection systems enable manufacturers to realize significant economic paybacks by increasing the quality of manufactured parts and improving the productivity of manufacturing processes. The Company's 2D machine vision product line is sold on a global basis to end- users, system integrators, and original equipment manufacturers (OEM's) primarily in the electronic and semiconductor component, automotive, medical device, and packaged goods industries. The Company's SpeedScan 3D(TM) sensor, incorporating the Company's patented high-speed Scanning Moire Interferometry(TM) technology is sold to original equipment manufacturers for specific applications. The Company's PPT861(TM) 3D scanning system, which uses the Company's SpeedScan 3D sensor, is an application-specific inspection solution targeted at inspection of leaded and bumped components in the semiconductor back-end manufacturing process, inspection of surface-mount electronic connectors, and inspection of components used in hard disk drives. The Company's Common Stock trades on the Nasdaq National Market tier of The Nasdaq Stock Market under the symbol PPTV. For more information, please see the PPT VISION, Inc. web site at http://www.pptvision.com
The discussion above contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements by their nature involve substantial risks and uncertainties as described by PPT VISION's periodic filings. Actual results may differ materially depending on a variety of factors, including, but not limited to the following: changes in worldwide general economic conditions, cyclicality of capital spending by customers, PPT VISION's ability to keep pace with technological developments and evolving industry standards, worldwide competition, and PPT VISION's ability to protect its existing intellectual property from challenges from third parties and other factors. Additional information with respect to the risks and uncertainties faced by PPT VISION may be found in the section 'Business' under the caption 'Important Factors Regarding Forward-Looking Statements' contained in its filing with the Securities and Exchange Commission on Form 10-K for the year ended October 31, 2001 and other reports filed with the Securities and Exchange Commission.