Eye Technology Announces $2.5 Million Private Placement.PETERSBURG Petersburg, city (1990 pop. 38,386), politically independent and in no county, SE Va., on the Appomattox River; inc. 1850. A port of entry and an important tobacco market, it has industries producing chemicals, pharmaceuticals, furniture, structural steel, lumber, , Va.--(BUSINESS WIRE)--July 14, 1998--Eye Technology Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :EYTC) announced today that it received $2.5 million in proceeds from a private placement with Prometheus Pacific Growth Fund (Prometheus), an institutional investment fund. A total of 5 million common shares equivalents were issued to Prometheus, offset partially by a contribution to capital of 3.75 million shares by controlling stockholders of the Company. As a result of the transaction, the Company's outstanding Common Stock, on a fully-diluted basis, increased by 1.25 million shares. In addition, Prometheus received a one-year adj. 1. completing its life cycle within a year. Adj. 1. one-year - completing its life cycle within a year; "a border of annual flowering plants" annual phytology, botany - the branch of biology that studies plants warrant to purchase 500,000 shares at a price of $2 per share. The Company also announced it had replaced its existing revolving secured credit line and replaced it with a $1.0 million line-of-credit secured by receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed and inventory.
CONTACT: Eye Technology Inc., Petersburg
David P. Sheets, 804/861-0681
star@eytc.com
www.EYTC.com
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