Media Contact:
Joe Runde, 845-838-7905
jrunde@emagin.com
Investor Contact:
John Atherly, 425-882-7878
jatherly@emagin.com
eMagin Completes 2004 Financing Activity Through
Additional Direct Equity Placement Of Approximately $2.9 million
Hopewell Junction, New York - November 3, 2004 -- eMagin Corporation (AMEX:EMA)
today announced that it has entered into and completed definitive agreements
with existing accredited investors for the purchase of approximately $2.9
million of common stock and warrants. The net proceeds from this offering will
be used for general corporate purposes, including the purchase of inventory,
capital equipment, and hiring of additional sales and support personnel.
The transaction represents the sale of additional securities provided for in our
October 21, 2004 Securities Purchase Agreement allowing the company to raise up
to an additional $3 million under the same terms and conditions. Together the
two transactions represent direct placements of approximately $13.7 million.
Under this agreement, investors agreed to purchase 2,740,476 shares of common
stock at a price of $1.05 per share and Series F Common Stock Purchase Warrants
to purchase 1,370,238 shares of common stock at an exercise price of $1.21 per
share. The Series F Warrants are exercisable from April 25, 2005 until April 25,
2010.
WR Hambrecht + Co served as placement agent for the transaction and Larkspur
Capital Corporation served as an advisor. The shares were offered through a
prospectus supplement pursuant to the Company's effective shelf registration
statement.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of these securities in any state in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state.
About eMagin Corporation
A leader in virtual imaging technologies and products, eMagin integrates
high-resolution OLED microdisplays, magnifying optics, and systems technologies
to create a virtual image that appears comparable to that of a computer monitor
or a large-screen television. With unique technology for producing
high-performance OLED-on-silicon microdisplays and related optical systems,
eMagin is the only company to sample and supply these displays in commercial
quantities to OEMs. In addition, the company sells integrated modules to
military, industrial and medical customers. eMagin's corporate headquarters and
microdisplay operations are co-located with IBM on its campus in East Fishkill,
N.Y. Optics and system design facilities are located at its wholly owned
subsidiary, Virtual Vision, Inc., in Redmond, WA. For more information, visit
http://www.emagin.com.
Forward Looking Statements
This press release contains 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, including those regarding eMagin Corporation and its
subsidiaries' expectations, intentions, strategies and beliefs pertaining to
future events or future financial performance. All statements contained herein
are based upon information available to eMagin's management as of the date
hereof, and actual results may vary based upon future events, both within and
without eMagin management's control. In some cases, you can identify
forward-looking statements by terminology such as "may," "will," "should,"
"expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or
"continue," the negative of such terms, or other comparable terminology. These
statements are only predictions. Actual events or results may differ materially
from those in the forward-looking statements as a result of various important
factors, including those described in the Company's most recent filings with the
SEC. Although we believe that the expectations reflected in the forward-looking
statements are reasonable, such statements should not be regarded as a
representation by the Company, or any other person, that such forward-looking
statements will be achieved. The business and operations of the Company are
subject to substantial risks which increase the uncertainty inherent in
forward-looking statements. We undertake no duty to update any of the
forward-looking statements, whether as a result of new information, future
events or otherwise. In light of the foregoing, readers are cautioned not to
place undue reliance on such forward-looking statements.
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Contact:
eMagin Corporation
Media Contact:
Joe Runde, 845-838-7905
jrunde@emagin.com
or
Business Contact:
Susan Jones, 845-838-7900
sjones@emagin.com
or
Investor Contact:
John Atherly, 425-882-7878
jatherly@emagin.com