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PPT VISION, Inc. Announces Completion of $900,000 Private Offering
Datalogic USA, Inc. Posted 09/13/2008
MINNEAPOLIS, Sept. 11 /PRNewswire-FirstCall/ -- PPT VISION, Inc. announced today that on September 8, 2008, it completed a private offering of 12,500,000 shares of its common stock for $900,000. The Company will use the proceeds for working capital purposes, including financing inventory and accounts receivable. The offering was purchased by two private investors. Thomas F. Leahy, a private venture capital investor based in suburban Minneapolis, invested $800,000 and Robert W. Heller, an existing member of PPT VISION's board of directors, invested $100,000 through Heller Capital, Inc. After giving effect to the investment by Mr. Leahy and Mr. Heller, PPT VISION has 27,402,916 shares outstanding.
In addition, the Company announced that it will be moving from its existing 35,000 sq. ft. facility in Eden Prairie, MN to a 17,000 sq. ft. facility in Bloomington, MN. PPT VISON has entered into a 5 year lease on the new facility effective October 1, 2008. As part of the consideration for the share issuance in the private offering, Mr. Leahy has agreed to secure a letter of credit in a beginning amount of $237,500 in favor of the Company's building owner. This has enabled the Company to terminate its existing lease obligation and enter into the new lease obligation on more efficient space at more favorable terms.
"The demand for machine vision technology in the manufacturing sector is expected to realize continued growth over the coming years as the economic justification for deploying machine vision inspection solutions in automated manufacturing operations is very strong. PPT VISION has a long and successful history in developing and applying machine vision technology in the manufacturing area and we look forward to driving needed change in the Company to improve performance and fully capitalize on the significant market opportunities that the Company is currently working on," commented Mr. Leahy.
Joe Christenson, President and CFO of PPT VISION, announced, "We are pleased that Tom Leahy has agreed to join the PPT VISION board of directors and participate in this equity offering. We believe that this new equity investment together with new operational efficiencies we are implementing as a part of this relocation to a much more cost efficient headquarters and manufacturing facility will serve to significantly strengthen PPT VISION's competitiveness, ability to serve our customers, and ability to develop to new business."
About PPT VISION
PPT VISION, Inc. ("the Company") designs, manufactures, and markets machine vision based intelligent cameras used for automated inspection, measurement, and guidance applications in the manufacturing marketplace. The Company's IMPACT(TM) intelligent camera product line enables manufacturers to realize significant economic paybacks by increasing the quality of manufactured parts and improving the productivity of manufacturing processes. The Company's IMPACT intelligent camera product line is sold through a global network of distribution and integration partners to end-user manufacturers, original equipment manufacturers, and manufacturing machine builders, in the wide variety of manufacturing markets including electronics, automotive, medical device, and packaged goods industries. The Company's Common Stock trades on the Pink Sheets electronic exchange under the symbol PPTV.PK. For more information, please see the PPT VISION, Inc. web site at http://www.pptvision.com.
Forward Looking Statements
The discussion above contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's expectations, beliefs, intentions and strategies regarding the future. Forward-looking statements include, without limitation, statements regarding the extent and timing of future revenues and expenses and customer demand. All forward-looking statements included in this document are based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any such forward-looking statements.
These forward-looking statements are subject to risks and uncertainties, including the risk that the Company may be ineligible to deregister its common stock or may determine not to do so or that its common stock will not be quoted on the Pink Sheets, as well as other factors set forth in the Company's filings with the Securities and Exchange Commission.
SOURCE PPT VISION, Inc.