the Panda Project Announces Letter of Intent for Equity Line Financing Arrangement.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--Aug. 6, 1998--The Panda Project See Archistrat computer. , Inc. (Nasdaq:PNDA PNDA Plan National de Développement Agricole (French: National Agriculture Development Plan) PNDA Perinatal Death Audit PNDA Pinkerton National Detective Agency PNDA Philippine National Day Association ) today announced that the Board of Directors has approved a $15 million equity line financing arrangement. A letter of intent has been executed and, subject to execution of definitive documentation, closing is currently scheduled to occur within thirty days. The duration of the agreement is two years. The letter of intent has been executed with a 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 based investment group. Under the terms of the letter of intent, the Equity Line will provide the Company the option of drawing funds on a periodic basis, soley at the Company's discretion subject to certain limitations and conditions at the time of each draw. Stanford W. Crane, Jr., President and Chief Executive Officer of Panda stated, "The equity line will provide Panda access to additional liquidity over a longer period of time and strengthen Panda's operating flexibility to support the growth of the Company." The Company has recently announced positive momentum in its VSPA (Very Small Peripheral Array) An earlier surface mount chip housing from The Panda Project, Inc., Boca Raton, FL. VSPA offered a 60% reduction in size over the popular PQFP method while adding more contacts. See Compass connector. (tm) semiconductor package and Rock City(tm) personal computer activities including the formation of a strategic alliance with Possehl BESI Electronics (one of the world's largest suppliers of leadframes) to jointly develop additional production capacity for VSPA, the commencement of shipping VSPA 80-pin parts to Veridicom (a leading supplier of silicon fingerprint sensor chips), and the utilization of Rock City to demonstrate Microsoft's (NASDAQ:MFST MFST Mobile Field Surgical Team MFST Mobile Forward Surgical Team (USAF) MFST Microbiologically Food Safety Tested MFST Mobile Freight Search Team (UK) ) new Chromeffects(tm) interactive media technology for Windows 98. 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. in this release, including statements concerning completion of the proposed equity line financing arrangement, are based on information available to the Company as of the date hereof and involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the inability to close the proposed equity line financing arrangement, competitive pressures, general economic conditions, risks of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , and the risk factors detailed from time to time in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission. Visit The Panda Project on the World Wide Web at www.pandaproject.com
CONTACT: Company Contact:
Jeff Mehler, Investor Relations
561/994-2300
or
Investor Relations Contact :
Steven Wasserman
The Dunne Group, Inc.
212/877-2330
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