Dotronix Closed Financing Transactions.Business Editors/High-Tech Writers ST. PAUL St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery , Minn.--(BUSINESS WIRE)--April 13, 2004 DOTRONIX, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :DOTX) announced today that the proposed financing transactions with the Estate of its late 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. , William S. Sadler William S. Sadler, MD, FAPA (1875 - 1969) was a well-known American psychiatrist[1] and college teacher in the school of medicine at the University of Chicago. For over sixty years he practiced his profession in Chicago, thirty-three years being associated in practice , and Mr. Terry L. Myhre, an independent investor, have been completed. Based upon agreements dated November 5, 2003, as amended, and newly negotiated agreements with the parties involved, Dotronix sold real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most by the Company to an unrelated party and transferred the proceeds of the sale of approximately $450,000 to the Estate of William S. Sadler, in partial payment of an outstanding loan from the Estate to the Company of $1,000,000. In exchange for forgiveness of $400,000 of the loan between the Estate and the Company, Dotronix cancelled existing warrants to Mr. Sadler for the purchase of up to 365,094 shares of the Company's common stock at exercise prices ranging from $0.085 to $0.60 per share, and issued new warrants to the Estate to purchase 385,000 shares of common stock at an exercise price of $0.05 per share. In a related agreement, Mr. Myhre agreed to provide a credit line of up to $450,000 to the Company, which is convertible into common stock at a price of $1.50 per share. Outstanding demand notes of the investor with an aggregate principal of $135,000 became part of the credit line. In consideration for the credit line, Mr. Myhre also received warrants to purchase 100,000 shares of the Company's common stock at an exercise price of $0.10 per share. Concurrently, Mr. Myhre entered into an agreement with the Estate and Minnesota River Minnesota River River, southern Minnesota, U.S. Rising on the South Dakota–Minnesota boundary, it flows southeast then turns northeast to join the Mississippi River just south of St. Paul, after a course of 332 mi (534 km). Once known as the St. Peter or St. Aviation, Inc. ("MRAI MRAI Minimum Route Advertisement Interval (Border Gateway Protocol) MRAI Minor Requiring Authoritative Intervention (law) "), a corporation controlled by the Estate, pursuant to which Mr. Myhre acquired an option to purchase from the Estate and MRAI up to one million shares of Dotronix common stock at a price of $0.05 per share. This option expires on November 5, 2010. The Estate and MRAI currently hold 1,278,959 shares of Dotronix's common stock. Mr. Myhre owns the Minnesota School of Business, Globe College and has recently been named the Chairman and CEO of Broadview Media Inc. (OTCBB:BDVM). Both Mr. Myhre and Dotronix believe that a strong business relationship will develop between the Company, the Minnesota School of Business, and possibly other business interests of Mr. Myhre. There appears to be a convergence in strategies employed by both companies due to the anticipated rapid growth in the electronic signage industry, and the corresponding need for the training of students in graphic design and video production capabilities. ABOUT DOTRONIX Until the beginning of 2003, Dotronix, Inc., founded in 1980, focused on designing, manufacturing and marketing cathode-ray tube (CRT (1) (C RunTime) See runtime library. (2) (Cathode Ray Tube) A vacuum tube used as a display screen in a computer monitor or TV. The viewing end of the tube is coated with phosphors, which emit light when struck by electrons. ) displays that were sold to original equipment manufacturers and display system integrators. The demand for CRT displays, however, has declined over the last several years, primarily due to the introduction of new display technologies. Pursuant to the Company's new business plan, the Company has developed and is marketing fully integrated video display systems to end users such as restaurants and retail stores. Recent changes in computer operating speeds The operating speed of a road is the speed at which motor vehicles generally operate on that road. The precise definition of "operating speed", however, is open to debate. and software programs have made such systems technically capable of displaying full motion video at a reasonable cost. FORWARD LOOKING STATEMENTS This announcement contains statements regarding the Company's business relationship with the Minnesota School of Business and other business interests of Mr. Terry L. Myhre, and regarding the Company's new business plan. These statements involve a variety of risks and uncertainties, known and unknown, including, among others, the risk that (i) no business relationship with the Minnesota School of Business and/or other business interests of Mr. Myhre will be established, (ii) even if such relationships will be established, they will not be successful, and (iii) the Company will not be able to successfully implement its new business plan. Investors are cautioned that any such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of the various factors discussed herein. |
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