Constellation 3D, Inc. Reports Second Quarter Results.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 14, 2001 Company Signs Equity Line for Up to $30 Million in Financing Constellation 3D, Inc. ("C3D A technology developed at the Turing Institute, Glasgow, Scotland for creating 3D models. Using two cameras to obtain stereo images, C3D turns subjects into 3D models in AutoCAD, 3D Studio and virtual reality formats for Internet use. ") (Nasdaq/NMS: CDDD CDDD Customer Desired Due Date CDDD Construction and Demolition Diversion Deposit CDDD Component Detailed Design Document ) - developer of Fluorescent Multilayer Disc Fluorescent Multilayer Disc (FMD) was an optical disc format developed by Constellation 3D that uses fluorescent, rather than reflective materials to store data. Reflective disc formats (such as CD and DVD) have a practical limitation of about two layers, primarily due to (FMD FMD foot-and-mouth disease. ) and Card (FMC See fixed mobile convergence. ) technologies, today announced results for its second quarter ended June 30, 2001. Additionally, on August 13, 2001 the Company entered into an Agreement with Gleneagles Fund Company ("Gleneagles"), for a maximum of $30 million in equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. . At the option of the Company, under the terms of this Agreement, Gleneagles will purchase up to $30 million of the Company's common stock over the next 30 months. The Company reported a net loss of $3,958,219 ($0.09 per share), including $3,101,770 in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , during the quarter. This compares with a net loss of $7,201,987 ($0.18 per share), including $6,370,409 in operating expenses for the first quarter ended June 30, 2000. The Company had 45,423,601 issued and outstanding shares as of June 30, 2001. Net cash used in operating activities was $3,079,914 for the quarter, compared with net cash used in operating activities of $2,249,693 for the second quarter ended June 30, 2000. As of June 30, 2001, the Company's cash position was $2,283,023. C3D President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Dr. Eugene Levich stated, "During the past few months, the Company has made very important progress in developing its technology and establishing important relationships for moving FMD discs and cards towards commercial launch. The recent agreement with Warner Advanced Media Operations (WAMO WAMO Washington Monument (US National Park Service) WAMO Warner Advanced Media Operations (Olyphant, Pennsylvania) WAMO World Aquatic Masters Organization WAMO Washington Monroe ) is tremendously exciting as WAMO was a significant force in the development of DVDs and their establishment as the current removable data storage standard. The more recent announcement with Profilo is also significant, and represents our first agreement with an end-user for the incorporation of FMD drives in consumer devices." The Company will be holding an audio webcast to discuss its operations at 4:15 pm eastern daylight time today. This management discussion will be available to shareholders and other interested parties live on the Internet at: http://www.viavid.com/detailpage.asp?sid=917. It is recommended that participants register at least 10 minutes prior to the call. The Internet broadcast will also be available for up to 90 days at the above Website address and on Constellation 3D's Website at www.c-3d.net. Constellation 3D, Inc. The Company is the worldwide leader in the development of high capacity Fluorescent Multilayer Disc and Card (FMD/C) technology. Constellation 3D holds or has made applications for over 120 worldwide patents in the field of optical data storage, and is supported by 65 scientists. Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the Company has additional offices and laboratories in Massachusetts, Texas, Israel and Russia. More information is available at www.c-3d.net. Safe Harbor Statement The statements contained in this Press Release which are not historical facts are "forward-looking statements," within the meaning of Rule 175 under the Securities Act of 1933, and Rule 3b-6 under the Securities Exchange Act of 1934, and as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, and such statements qualify for the Safe Harbor protection afforded under such Acts. Forward-looking statements include "the Company has made very important progress in developing its technology and establishing important relationships for moving FMD discs and cards towards commercial launch" and "The... announcement with Profilo is also significant, and represents our first agreement with an end-user for the incorporation of FMD drives in consumer devices". Numerous risk factors can cause actual results to vary materially. These risks include, but are not limited to additional financings, market conditions, R&D efforts and competition in addition to those risk factors detailed in the Company's recent securities filings, including its 10K. There can be no assurance that the information indicated, expressed, or implied in the forward-looking statements contained in this Press Release will prove to be accurate or correct. |
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