DataLogic International Completes $1.625 Million Financing
25 May 2006 - 7:15AM
PR Newswire (US)
IRVINE, Calif., May 24 /PRNewswire-FirstCall/ -- DataLogic
International, Inc., (OTC:DLGI) (BULLETIN BOARD: DLGI) (Berlin,
Frankfurt Stock Exchange: 779612), a provider of GPS-based mobile
asset management, secured mobile communications and network
security, has completed a $1.625 million private placement with
accredited and institutional investors. *(LOGO:
http://www.dlgi.com/media.html) Pursuant to this private financing,
DataLogic International sold 8,125,000 restricted shares of Common
Stock together with warrants to purchase 3,250,000 shares of Common
Stock with an exercise price of $0.35 per share and warrants to
purchase 2,031,250 shares of Common Stock with an exercise price of
$0.45 per share. The shares of Common Stock were sold at a price of
$0.20 per share. The Warrants will be exercisable beginning on
November 23, 2006 and have a term of 5-1/2 years, expiring November
23, 2011. If all of the warrants are exercised in full for cash,
DataLogic International would receive approximately an additional
$2,050,000. Under the terms of the financing, the Company has
agreed to prepare and file a resale registration statement with the
Securities and Exchange Commission for the shares sold in the
private financing and the shares underlying the warrants. Midtown
Partners & Co., LLC, a NASD member firm, acted as sole
placement agent in connection with this transaction. "We are
pleased to have successfully completed this private placement and
as a result we have improved the strength of our balance sheet,"
said Keith Moore, CEO. "Lowering the cost of capital is a
significant strategic objective for 2006 and this raise, which
follows the refinancing of our convertible debt in January, 2006,
completes the next phase of our corporate development plans. As we
move through 2006 we will look to implement strategies to improve
cash flows," stated Moore. For more information about DataLogic
International, Inc. please visit http://www.dlgi.com/ For more
information about Midtown Partners & Co., LLC please visit
http://www.midtownpartners.com/ This news release includes
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, as amended, regarding, among other things, our plans,
strategies and prospects, both business and financial. Although we
believe that our plans, intentions and expectations reflected in or
suggested by these forward-looking statements are reasonable, we
cannot assure you that we will achieve or realize these plans,
intentions or expectations. Forward-looking statements are
inherently subject to risks, uncertainties and assumptions. Many of
the forward-looking statements contained in this news release may
be identified by the use of forward-looking words such as: believe,
expect, anticipate, should, planned, will, may, intend, estimated,
and potential, among others. Important factors that could cause
actual results to differ materially from the forward-looking
statements we make in this news release include market conditions,
the market performance of acquired business entities and assets and
other factors such as, but not limited to, those set forth in
reports or documents that we file from time to time with the United
States Securities and Exchange Commission. All forward-looking
statements attributable to DataLogic International, Inc. or a
person acting on its behalf are expressly qualified in their
entirety by this cautionary language. Investor Relations Contact:
Keith Moore of DataLogic International, Inc. +1-949-260-0120
DATASOURCE: DataLogic International, Inc. CONTACT: Investor
Relations, Keith Moore of DataLogic International, Inc.,
+1-949-260-0120, Web site: http://www.dlgi.com/
http://www.dlgi.com/media.html http://www.midtownpartners.com/
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