|
Fakespace Systems Completes US $4.2 Million Private Placement Proceeds To Support Growth In International Markets, Expanded Research And Development Programs Kitchener, ON - February 16, 2001 - Fakespace Systems Inc. today announced that it has completed a private funding placement of US $4.2 million. The company, a leading provider of immersive visualization systems, will use the proceeds to support growth in international markets and expanded research and development programs. The private placement was structured in the form of preferred shares and term debt at a post-money equity valuation of US $22.0 million. Electrohome Limited (TSE: ELL.X, ELL.Y) and the Bank of Montreal Capital Corporation both participated as existing shareholders. The Business Development Bank of Canada and Southbridge Capital participated as new shareholders. Together with concurrent purchase of common shares from certain minority shareholders, Electrohome now holds a 67 percent equity interest in Fakespace Systems, increased from a 64 percent interest prior to the transaction. "With recent contracts in Brazil, Norway and Korea and a new office in the United Kingdom, Fakespace Systems has demonstrated its ability to be a global player in the growing market for visualization systems," said Dan Wright, president and chief executive officer of Fakespace Systems. "This new round of financing strengthens our ability to support visualization users in North America and around the world and increases our capacity for technical innovation. We are also pleased to have added two first-class names to our roster of shareholders." ™ - Trademark of Mechdyne Corproation. All other trade names or marks are the property of their respective owners. ### About Mechdyne Corporation Mechdyne Corporation is the world’s largest company dedicated to consulting and development of immersive, networked and collaborative visualization systems. The company addresses complex projects where an in-depth understanding of user requirements leads to the development of products and customized solutions involving elements of visual, software and support systems. Mechdyne’s product divisions provide advanced display technology, audio/visual systems design, and implementation services, as well as immersive and interactive software development and support. Headquartered in Marshalltown, Iowa, Mechdyne’s customers include leading government laboratories, military research programs, energy companies and a variety of ‘edutainment,’ manufacturing, and other users of visualization technology. More information is available at www.mechdyne.com. Mechdyne Press Contact Jeff Brum Matt Schmidt |
|
 |
|
(c) 2008 Mechdyne Corporation. All rights reserved. |
|