IRVINE SENSORS ANNOUNCES PRIVATE PLACEMENT
IRVINE SENSORS ANNOUNCES PRIVATE PLACEMENT COSTA MESA, Calif., March 11 /PRNewswire/ -- Irvine Sensors Corp.
(NASDAQ: IRSN) announced today that it has completed a private placement of 575,000 unregistered shares of common stock priced at $2 per share, which has yielded gross proceeds of $1,150,000 to the company. Holders of the newly issued shares will have the right to demand registration after a one-year period.
James Alexiou, Irvine's president, said, "These funds will allow us to continue our accelerated efforts to commercialize our technology. The capital influx will also bring us into compliance with the higher listing maintenance standards of NASDAQ which go into effect this month." Irvine Sensors, headquartered in Costa Mesa, is primarily engaged in the development of infrared devices and high-density packages of computer electronics which are intended to have broad applications in military and commercial systems. -0- 3/11/92 /CONTACT: John J. Stuart, CFO of Irvine Sensors, 714-549-8211; or Edda Brown or Harley R. Gleckman of Wall Street Financial, 310-552-1555, for Irvine Sensors/ (IRSN) CO: Irvine Sensors Corp. ST: California IN: CPR SU:
KJ-JL -- LA012 -- 7195 03/11/92 09:06 EST
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|Date:||Mar 11, 1992|
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