FARO Technologies Announces $40.4 Million Private Placement
13 November 2003 - 1:33AM
PR Newswire (US)
FARO Technologies Announces $40.4 Million Private Placement LAKE
MARY, Fla., Nov. 12 /PRNewswire-FirstCall/ -- FARO Technologies,
Inc. today announced that it, together with the Company's two co-
founders, have entered into an agreement with various institutional
investors for a $40.4 million private placement of its common
stock. Under the terms of the agreement, FARO agreed to sell
1,128,000 shares, or approximately 8% of total shares outstanding,
and the two co-founders of the Company, Simon Raab and Gregory
Fraser, agreed to sell 752,000 shares, or approximately 20% of
their holdings, in the aggregate. The shares will be sold for
$21.50 per share, resulting in total proceeds before placement
agent fees and other offering expenses of $24.2 million and $16.2
million to the Company and the co-founders, respectively. The
financing will be completed with a select group of institutional
investors. The Company expects the private placement to be
completed later today. (Logo:
http://www.newscom.com/cgi-bin/prnh/20000522/FLM035LOGO ) "The
proceeds from this private placement will enable FARO to continue
the aggressive growth which we have been experiencing in spite of
the sputtering economy," said Simon Raab, President and CEO. "In
particular we will have the means to fund our manufacturing
expansion in Europe, our expanded sales presence in Asia/Pacific,
and although we have no specific plans at this time for an
acquisition or other strategic transaction, we will have the
ability to react quickly to any such an opportunity. Regarding the
sale of shares by Greg and me, this amounts to approximately 20% of
our stock, and is the only non-option related stock which we have
sold since our IPO in 1997. Our personal interest in the company,
therefore, remains very well-aligned with our fellow shareholders,"
Raab concluded. The common stock sold to the investors was not
registered under the Securities Act of 1933, as amended, and may
not be offered or sold in the United States except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements of the Securities Act. Under the
terms of the financing, FARO has agreed to file a registration
statement with the Securities and Exchange Commission covering the
offer and sale of the shares by investors. About FARO FARO
Technologies, Inc. (NASDAQ:FARO) and its international subsidiaries
design, develop, and market software and portable, computerized
measurement devices. The Company's products allow manufacturers to
perform three- dimensional inspections of parts and assemblies on
the shop floor. This helps eliminate manufacturing errors and
thereby increases productivity and profitability for a variety of
industries in FARO's worldwide customer base. Principal products
include the FARO Gage(TM), Platinum and Titanium FaroArms(R),
Control Station(R) measurement system, the Laser Tracker(R) and a
CAM2(R) family of advanced CAD-based measurement and reporting
software. FARO Technologies is ISO 9001 certified and Guide 25
approved. Learn more at http://www.faro.com/. This press release
contains forward-looking statements (within the meaning of the
Private Securities Litigation Reform Act of 1995) that are subject
to risks and uncertainties, such as statements about our plans,
objectives, projections, expectations, assumptions, strategies, or
future events. Statements that are not historical facts or that
describe the Company's plans, objectives, projections,
expectations, assumptions, strategies, or goals are forward-looking
statements. In addition, words such as "may," "believes,"
"anticipates," "expects," "intends," "plans," "seeks," "estimates,"
"will," "should," "could," and similar expressions or discussions
of our strategy or other intentions identify forward-looking
statements. Other written or oral statements, which constitute
forward-looking statements, also may be made by the Company from
time to time. Forward-looking statements are not guarantees of
future performance and are subject to various known and unknown
risks, uncertainties, and other factors that may cause actual
results, performances, or achievements to differ materially from
future results, performances, or achievements expressed or implied
by such forward-looking statements. Consequently, undue reliance
should not be placed on these forward-looking statements. Factors
that could cause actual results to differ materially from what is
expressed or forecasted in forward-looking statements include, the
failure to consummate the private placement of our common stock.
Forward-looking statements in this release represent the Company's
judgment as of the date of this release. The Company undertakes no
obligation to update publicly any forward-looking statements,
whether as a result of new information, future events, or
otherwise. http://www.newscom.com/cgi-bin/prnh/20000522/FLM035LOGO
http://photoarchive.ap.org/ DATASOURCE: FARO Technologies, Inc.
CONTACT: Greg Fraser, EVP & CFO, FARO Technologies,
+1-407-333-9911; or Vic Allgeier of The TTC Group, +1-212-227-0997,
for FARO Technologies Web site: http://www.faro.com/
Copyright
FARO Technologies (NASDAQ:FARO)
Historical Stock Chart
From Jun 2024 to Jul 2024
FARO Technologies (NASDAQ:FARO)
Historical Stock Chart
From Jul 2023 to Jul 2024