EXHIBIT 99.1
[LOGO OF CYBERLUX]
PRESS RELEASE
Donald F. Evans Mark D. Schmidt
Cyberlux Corporation . Cyberlux Corporation
Chief Executive Officer Chief Operating Officer
Tel: 919-688-7653 Tel:919-688-7653
Fax: 877-349-0234 Fax: 877-349-0234
Email: dfevans@cyberlux.com Email: mschmidt@cyberlux.com
www.cyberlux.com www.cyberlux.com
FOR IMMEDIATE RELEASE
CYBERLUX CORPORATION ANNOUNCES COMPLETION OF
PRIVATE PLACEMENT OF $775K
- - - -
EXERCISE OF ALL WARRANTS COULD RESULT IN TOTAL PROCEEDS OF $10.8 MILLION
RESEARCH TRIANGLE, N.C. JANUARY 8, 2004 - CYBERLUX CORPORATION (OTC BULLETIN
BOARD: CYBL), a developer and manufacturer of advanced diodal illuminationtm
lighting products, announced today the completion of a private placement of
shares of its Series A Convertible Preferred Stock and Series A and Series B
Warrants to purchase shares of its common stock for an aggregate purchase price
of $775,000 to forty-eight investors. The Placement entitles purchasers of the
Preferred Stock to exchange two series of warrants for common stock at prices up
to $1.05 per share. The Company will receive approximately $10.8 million if all
warrants issued in the Placement are exercised. The warrants are callable by the
Company consistent with certain thresholds of performance.
The Company intends to use the net proceeds from the private placement for
general corporate purposes, new product production prototypes and to pay off a
high-interest venture capital loan.
"Cyberlux Corporation is an emerging leader in the field of applied
semiconductor diodal lighting," said Donald Evans, CEO of Cyberlux. "The
Company's ability to design and patent innovative semiconductor lighting
solutions for recurring problems such as power outages position its products as
first to market and competitively secure. The Cyberlux product line, including
its successful Home Safety Light, offers a potential for major breakthroughs in
the emergency lighting field through introduction of its ELAS (Emergency
Lighting Augmentation System) product and its PowerOutage Adapter," continued
Evans. "The first phase of the financing plan was successfully concluded today,"
said Evans. "We look forward to the next capital infusions which are timed for
February and April consistent with the market launch schedules for the ELAS and
PowerOutage Adapter products," Evans concluded.
As part of the private placement, the Company has agreed to file a registration
statement with the Securities and Exchange Commission covering the resale of the
shares of the Company's common stock issuable upon conversion or exercise of the
Series A Convertible Preferred Stock and the Warrants.
None of the securities offered to the investors have been registered under the
Securities Act of 1933, as amended (the "Securities Act"), and may not be
offered or sold in the United States absent registration or an applicable
exemption from the registration requirements.
This press release shall not constitute an offer to sell or a solicitation of an
offer to buy securities of Cyberlux Corporation. This press release is being
issued pursuant to and in accordance with Rule 135c under the Securities Act.
ABOUT CYBERLUX CORPORATION:
Cyberlux Corporation is developing and manufacturing the next generation of
lighting systems using Gallium Nitride light emitting diodes. The name Cyberlux,
"cyber", for space-age technology and "lux", the Latin word for light, was
adopted to reflect the Company's focus in optoelectronics for the development of
new, energy efficient, diodal(TM) lighting systems. The company is based in
Research Triangle, N.C. Additional information and online ordering for the
Cyberlux Home Safety Light is available at WWW.CYBERLUX.COM.
MEDIA CONTACT
Mark Schmidt Stanley Wunderlich/Bonnie Stretch
Phone: 919-688-7653 Phone: 800-625-2236
E-mail: mschmidt@cyberlux.com E-mail: cfsg@consultant.com
# # #
This news release contains forward-looking statements. Actual results could vary
materially from those expected due to a variety of risk factors, including, but
not limited to, the Company's intention to raise proceeds through the exercise
of warrants associated with this offering and the intended use of proceeds. The
Company's business is subject to significant risks and uncertainties discussed
more thoroughly in Cyberlux Corporation's SEC filings, including but not limited
to its report on Form 10-K for the year ended December 31, 2002 (as amended) and
report on Form 10-Q for the quarter ended September 30, 2003. The Company
undertakes no obligation to publicly release the result of any revisions to
these forward-looking statements, which may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.