Super Vision Announces Closing $9.0 Million Private Placement to Execute New Business Strategy
December 08 2006 - 4:15PM
Business Wire
Super Vision International, Inc. (NASDAQ:SUPVA)�(Class A Common), a
world leader in solid-state LED and fiber optic lighting systems
and controls used in commercial, architectural, signage, swimming
pool and retail lighting applications, today announced that it
closed a private placement of Class A common stock and warrants led
by a group of institutional investors, for gross proceeds of $9.0
million. The net proceeds will be used to reduce Super Vision�s
liabilities and strengthen its balance sheet, for general working
capital and to fund the Company's new strategic plan to expand its
platform of products to meet the increasing demand for LED lighting
systems. Mike Bauer, President and CEO of Super Vision, stated,
�Over the course of the last eleven months we have been working
very hard to eliminate the legacy issues that have burdened the
Company and we have created a dynamic plan to capitalize on the
growing demand for white light LED lighting systems for general
lighting applications. However, given the Company�s financial
resources, an infusion of capital was required in order to fully
execute our plan and position the Company for accelerated growth.�
Mr. Bauer continued, �We have a very clear vision for the Company.
The details of our plan will be unveiled to the market over the
next several months and we feel that these efforts will put the
Company in a leadership position in several exciting new
applications for LED lighting. These funds will also give us the
resources to expand our research and development/intellectual
property efforts and continue to build on the 20 issued patents we
currently hold.� Gross proceeds of approximately $9.0 million
resulted from the sale of approximately 40,360 units at a price of
$223.00 per unit, each unit consisting of 100 shares of Class A
common stock, a warrant to purchase 60 shares of Class A common
stock exercisable at $2.23 per share expiring 5 years from the date
of issuance and a second warrant to purchase 15 shares of Class A
common stock exercisable at $3.00 per share expiring 5 years from
the date of issuance. The securities offered and sold by the
Company in this private placement will not and have not been
registered under the Securities Act of 1933, as amended (the
"Securities Act�), or state securities laws and may not be offered
or sold in the United States absent registration with the
Securities and Exchange Commission (�SEC�) or an applicable
exemption from registration requirements. The Company has agreed to
file a registration statement with the SEC covering the resale of
the shares of Class A common stock and shares underlying the
warrants issued in the private placement. This notice is issued
pursuant to Rule�135c under the Securities Act and shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities in any state in
which such offer, solicitation or sale would be unlawful prior to
the registration or qualification of these securities under the
securities laws of any such state. About Super Vision
International, Inc. Super Vision International�s vision is to
incorporate Light, Color and Imagination with advanced technology
to become one of the world�s leading suppliers of lighting and
lighting control products that add visual excitement, accent,
impact and identity to commercial and residential lighting projects
around the world. For more information, please visit the Super
Vision web site at www.svision.com. Certain of the above statements
contained in this press release are forward-looking statements that
involve a number of risks and uncertainties. Such forward-looking
statements are within the meaning of that term in Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Reference is made to Super Vision's filings
under the Securities Exchange Act for factors that could cause
actual results to differ materially. Super Vision undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise. Readers are cautioned that any such forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties, and that actual results may differ
materially from those indicated in the forward-looking statements
as a result of various factors. Readers are cautioned not to place
undue reliance on these forward-looking statements.
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