InfoSonics Corporation Announces $14.4 Million Equity Private Placement
30 Gennaio 2006 - 2:47PM
Business Wire
InfoSonics Corporation (AMEX:IFO), one of the largest distributors
of wireless handsets in the United States and Latin America, today
announced that it has entered into definitive purchase agreements
with several institutional investors with respect to the private
placement of 1,100,000 shares of its common stock for $14.4 million
in a private placement to institutional investors at a purchase
price of $13.10 per share. The net proceeds to the Company will be
approximately $13.5 million. The purchasers also received warrants
to purchase an additional 330,000 shares of common stock from the
Company at a purchase price of $18.38 per share. Closing of the
transaction is subject to approval of the listing of the shares by
the American Stock Exchange. SG Cowen & Co., LLC acted as the
lead placement agent for this transaction. The net proceeds to the
Company will be used for potential business opportunities, such as
vendor, customer and geographic expansion, particularly in Central
and South America. In addition, the net proceeds are anticipated to
be used for any increases in working capital requirements and
inventory, and also for debt reduction, which would result in
reduced interest expense. The securities sold in this private
placement have not yet been registered under the Securities Act of
1933, as amended, and may not be offered or sold in the United
States in the absence of an effective registration statement or
exemption from registration requirements. However, as part of the
transaction, the Company agreed to file a registration statement on
Form S-3 with the Securities and Exchange Commission within thirty
days for purposes of registering the resale of all of the common
stock issued in the private placement. This news 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
the registration or qualification under the securities laws of any
such state. Any offering of InfoSonics Corporation securities under
the resale registration statement will be made only by means of a
prospectus. About InfoSonics Corporation InfoSonics is one of the
largest distributors of wireless handsets and accessories in the
United States and Latin America. For the wireless
telecommunications industry, InfoSonics provides flexible and cost
effective solutions, including purchasing, marketing, selling,
warehousing, order assembly, programming, packing, shipping, and
delivery. InfoSonics supports manufacturers in moving their
products to agents, resellers, distributors, independent dealers,
retailers and wireless network operators in the U.S. and Latin
America. For additional information, please visit
http://www.infosonics.com. The forward-looking statements contained
herein are subject to certain risks and uncertainties that could
cause actual results to differ materially from those reflected in
the forward-looking statements. Some of these uncertainties and
risks include, but are not limited to, the demand for our products,
our ability to obtain our products from our suppliers ,our ability
to increase customers in new and existing geographic areas, our
ability to maintain commercially feasible margins given significant
competition, and other factors. In addition, references to past
operating results should not be considered to be indicative of
future performance. Readers are cautioned not to place undue
reliance on these forward-looking statements, which reflect
management's analysis only as of the date hereof. InfoSonics
undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that arise after the
date hereof. Readers should carefully review the risks described in
other documents that InfoSonics files from time to time with the
Securities and Exchange Commission ("SEC"), including our Form 10-K
for the year ended December 31, 2004 and our Forms 10-Q for the
quarter ended September 30, 2005 and prior periods.
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