Printer Friendly

MIRROR SECURES $2.7 MILLION IN NEW FUNDING

 MIRROR SECURES $2.7 MILLION IN NEW FUNDING
 MINNEAPOLIS, March 24 /PRNewswire/ -- Mirror (NASDAQ: MIRR), a


leader in the direct sales of Macintosh peripherals, has raised approximately $2,743,000 as a result of the exercise of 2,194,414 warrants to purchase common stock at a price per share of $1.25. The total number of warrants exercised represents 99.7 percent of the 2,200,000 total warrants outstanding. Each warrant was originally sold with one common share at $.75 per unit when the company went public in August 1990.
 "Despite the recessionary climate, our stockholders have given us an overwhelming vote of confidence with this new funding," said Ron Eibensteiner, president of Mirror. "These funds will enable us to strengthen our already critically acclaimed product offerings and explore other growing peripheral categories, such as laser printers."
 According to Eibensteiner, Mirror's strong financial position will also allow the company to expand its international presence and explore acquisition opportunities.
 Today's announcement comes less than two months after the company reported record third quarter sales and profits, ended Dec. 31, 1991. Third quarter net sales of $5.6 million were up 88 percent versus the previous year's third quarter sales of $3 million.
 This brought year-to-date sales for the nine-month period up to $14.2 million, an increase of 73 percent versus the same period a year ago. Net profit for the quarter was $271,989 which enabled the company to show a small profit for the year to date.
 Mirror, founded in 1985, is a leader in the direct sales of Macintosh peripherals. Mirror manufactures and markets a broad spectrum of peripheral products, including external, internal and removable disk drives, monochrome and color large screen monitors, scanners, CD-ROM drives and optical drives. The company offers unmatched customer service with unlimited technical support, a 24-hour toll-free hotline and a 30-day money back guarantee on all products. Mirror is publicly held and traded on NASDAQ (MIRR).
 -0- 3/24/92
 /CONTACT: Kim Moffit of Moffit/Young & Associates, 619-759-0398, for Mirror/
 (MIRR) CO: Mirror Technologies, Inc. ST: Minnesota IN: CPR SU:


AL -- MN011 -- 1106 03/24/92 13:12 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 24, 1992
Words:358
Previous Article:CONTINUUM ANNOUNCES CONTRACT IN FRANCE
Next Article:QUAKER ANNOUNCES AGREEMENT TO SELL GHIRARDELLI
Topics:


Related Articles
DRS INDUSTRIES COMPLETES FIRST PHASE OF DEBT RESTRUCTURING PROGRAM
BEAR STEARNS $197.8 MILLION MORTGAGE PASS-THRUS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
Idaho Housing $25.5M Senior Mortgage Bonds Rated 'AAA' By Fitch IBCA - Fitch IBCA -.
SHOT AT STATE FUNDING SPURS POSTPONEMENT : SCHOOL DISTRICT COULD SAVE $2.7 MILLION WITH PROPOSITION 203 MONEY, OFFICIALS SAY.
Kappa funding.
Melody's Titan deal.
Small World Kids Third Quarter 2006 Net Sales Decrease 12.9%.
Race down the highway.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters