Vicon Industries Announces Receipt of Rights Offering Investment Commitment
02 August 2017 - 6:30AM
Business Wire
Vicon Industries, Inc. (NYSE American:VII), a global producer of
video security solutions, today announced that it has entered into
an Investment Agreement with NIL Funding Corporation, the Company’s
secured lender, under which NIL Funding will provide up to $3
million in funding to the Company in connection with a proposed
rights offering of common stock to the Company’s shareholders,
subject to certain terms and conditions.
The Company’s CEO, John Badke, commented: “We are very pleased
to have secured this commitment from NIL Funding and appreciate
their continuing support.”
No fee will be paid to NIL Funding under the Investment
Agreement. NIL Funding’s obligations under the Investment Agreement
will terminate on October 31, 2017, subject to extension as
provided in the Investment Agreement.
NIL Funding Corporation is an affiliate of The InterTech Group,
Inc., headquartered in South Carolina. The InterTech Group is a
privately-held holding company and operator of a diverse and global
group of companies. InterTech’s Executive Vice President and Chief
Operating Officer, Julian A. Tiedemann, serves as the Chairman of
the Company’s Board of Directors.
For additional information, including a copy of the Investment
Agreement, please refer to the Company’s Current Report on Form 8-K
filed with the SEC on August 1, 2017.
The Company will provide further details if and when it
commences the proposed rights offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any offer or sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction. A rights offering by the Company would be launched
following the effectiveness of a registration statement relating to
the offering, and will be made only by means of a prospectus.
About Vicon
Vicon Industries, Inc. (NYSE American:VII) is a global producer
of video management systems and system components for use in
security, surveillance, safety and communication applications by a
broad range of end users. Vicon’s product line consists of various
elements of a video system, including video management software,
recorders and storage devices and capture devices (cameras).
Headquartered in Hauppauge, New York, the Company also has offices
in Yavne, Israel; the United Kingdom and San Juan Capistrano,
California. More information about Vicon, its products and services
is available at www.vicon-security.com.
Special Note Regarding Forward-looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements relating to our proposed fundraising
activities. These forward-looking statements are based on
management's current expectations and are subject to certain risks
and uncertainties that could cause actual results to differ
materially from those set forth in or implied by such forward
looking statements. All information in this press release is as of
the date of the release and we undertake no duty to update this
information unless required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20170801006510/en/
Vicon Investor RelationsCindy Schneider, 631-650-6201Email:
IR@vicon-security.com
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