Constellation 3D, Inc.-"C3D"- Sets to Complete $20.9 Million First Stage Financing, and Expands Board of Directors.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 12, 2000 Constellation 3D, Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : CFMD) ("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. " or the "Company") announced today it has expanded its previously announced first stage financing by increasing the amount of its 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. from $5 million to $12 million. The additional $7 million (bringing the total equity to $12 million) private placement will be done under the same conditions as last week's private placement. Those terms were 90% of market price on a five (5) day average. In addition to the $12 million private placement, debt holders converted another $2.9 million in debt to common stock under the same terms and conditions as the private placement. The Company also received a $6 million line of credit to bring this first stage financing to a total of $20.9 million. Eugene Levich, Chairman 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. of C3D, stated that he was most pleased to receive the additional funding and believes that the Company will receive further funding within the next 30 days. He also stated that he is looking forward to announcing details of several FMD FMD foot-and-mouth disease. (fluorescent multiplayer disc) and FMC See fixed mobile convergence. (fluorescent multiplayer card) technology development milestones over the coming weeks and to confirm in details of the Company's upcoming demonstrations - FMD digital cinema videodiscs and FMC home movie videocard - to be held this October and November. In addition to the financings, C3D announced today the expansion of its board of directors by three members and the resignation of one member. Joining the board are Joseph Shefet, Esq., Stuart N. Garawitz and Val Mandel, Esq. Mr. Shefet is a member of the Israeli Bar, Israeli Institute of Certified Public Accountants and member of the American Bar Association American Bar Association (ABA), voluntary organization of lawyers admitted to the bar of any state. Founded (1878) largely through the efforts of the Connecticut Bar Association, it is devoted to improving the administration of justice, seeking uniformity of law . Mr. Shefet was a former Deputy Director of the Israeli Income Tax Authority and has authored a number of publications: "Foreign Currency Control," "Accounting for Tax Purposes" and "Value Added Tax value added tax n (BRIT) → impuesto sobre el valor añadido or agregado (LAM) value added tax n (Brit ." Dr. Levich stated, "With the Company's entry into international licensing and royalty agreements, Mr. Shefet's expertise will be invaluable." Stuart N. Garawitz has held senior management positions in the investment community at Oppenheimer & Co., Shearson Lehman Brothers, was managing director at Laidlaw Equities and is now a partner at the Wall Street investment banking and money management firm of M.S. Farrell & Co. "Stuart brings investment banking experience to the Company for our continued growth," stated Dr. Levich. Val Mandel, Esq. Is a member of the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Bar with a practice in corporate and commercial law who also holds a degree in civil engineering from Moscow Civil Engineering College, in Moscow, Russia, and is fluent in Russian. Mr. Mandell has been involved in the Company's corporate legal affairs in Russia, the Ukraine and Israel. "Val's background in law and engineering fits well with the growth strategy of the Company," stated Dr. Levich. Resigning from the board was its Chairman, Brig. Gen. Itzhak Yaakov (Ret.). "We will miss the General's presence and wish him well," stated Dr. Levich. Dr. Levich has been appointed the Company's new Chairman. Constellation 3D, Inc. develops advanced data storage products including the high capacity, multi-layer FMD discs and ClearCard(TM). The company has offices in New York and Massachusetts, and laboratories in California, Israel and Russia. Constellation 3D holds or has made applications for over 75 worldwide patents in the field of optical data storage. More information is available at www.c-3d.net. Statements contained in the news release that are not historical facts are forward-looking statements as that term is 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. Such forward-looking statements are subject to risks and uncertainties, which may cause actual results to differ materially from expected results. THE SEC AND NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). HAVE NOT REVIEWED AND DO NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. |
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