SI Diamond Technology Inc. closing $13.5 million private placements.HOUSTON--(BUSINESS WIRE)--Jan. 18, 1996--SI Diamond Technology Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SIDT SIDT Solomon Islands Development Trust SIDT Store Interrupt Descriptor Table SIDT Support Initiatives in Development Trust (India) ) is closing two financing transactions intended to provide capital for continued commercialization of its Diamond Field Emission Display (hardware) field emission display - (FED) A type of flat panel display in which field emitting cathodes bombard a phosphor coating causing it to emit light. A field emission display is similar to a cathode ray tube but only a few millimeters thick. (DFED DFED Computer Forensics and Electronic Discovery ) system and other product development, the company announced Thursday. In the first transaction, SIDT has completed placement of $1.5 million of its common stock. Second, SIDT has also placed approximately $12 million of its Series E preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. (convertible into SIDT's common stock) through an exclusive placement agent. Combined, the two placements represent the equivalent of 2,377,100 shares of common stock based upon the current conversion rate of the preferred stock. SIDT will file with the SEC a selling shareholders' registration statement on Form S-3 covering all the shares issued in the common stock private placement and all of the shares of common stock underlying the Series E preferred stock. Other shareholders and warrant holders who have certain demand or piggyback registration Piggyback registration When a securities underwriter allows existing holdings of shares in a corporation to be sold in combination with an offering of new public shares. piggyback registration rights will also be included in the registration statement. "I'm very pleased with this development; this puts us in great financial position and keeps all of our technical programs fully funded," said Dr. Howard K. Schmidt, chairman and chief executive officer of SIDT. "Our immediate plans call for us to accelerate our DFED development program as we move toward commercializing this important technology." Houston-based SI Diamond is engaged in the development and commercialization of specialized products based on advanced materials, including diamond and ceramics. SIDT's operating subsidiaries include: Northlight Displays Inc., which is developing and commercializing the DFED, as well as other display technologies; SIDT Coatings Inc., a provider of coating processes and equipment for the optical, electronic and protective coatings industries; and Diamond Tech One Inc., SIDT's subsidiary engaged in advanced electronic packaging and assembly (Austin, Texas). SIDT also includes SIDT's Corporate Research and Sponsored Programs, which pursue new technology development and opportunities for government funding. In addition to the NASDAQ, the company's common stock is traded on the Pacific and Boston exchanges under the symbol SDI (1) (Serial Digital Interface) A physical interface widely used for transmitting digital video in various formats. For electrical transmission, it uses a high grade of coaxial cable and a single BNC connector with Teflon insulation. . CONTACT: SI Diamond Technology Inc., Houston Trey Fecteau, 713/529-9040 |
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