Jelly
03-22-2006, 12:26 PM
Business Editors
PORTLAND, Ore.--(BUSINESS WIRE)--March 22, 2006--
First graph, first sentence of release should read:
private placement of $10.3 million (sted $10.2 million).
The corrected release reads:
ONSCREEN(TM) COMPLETES $10,300,000 PRIVATE PLACEMENT
OnScreen Technologies, Inc. (OTCBB:ONSC), an innovative developer
of LED signage technology and solutions, announced today that it has
completed a private placement of $10.3 million from several existing
shareholders and new investors. Effective Monday, March 20, 2006, the
entire $10.3 million converted to equity pursuant to the terms of the
instrument, leaving the company effectively "debt free." Proceeds are
intended to be used primarily for working capital and general
corporate growth. The infusion of cash allows the company to continue
to develop and launch its patent pending technologies for commercial
and government markets.
"We are quite pleased to have raised $10.3 million," said Charles
Baker, CEO and Chairman of OnScreen. "This capital will help us bring
our innovative technologies to market more aggressively. In order to
execute our business objectives, we recently added several experienced
executives to our sales team. I'm confident that we now have the right
products, team and resources to capitalize on our tremendous growth
opportunities and drive shareholder value."
About OnScreen Technologies, Inc.:
OnScreen Technologies, Inc. (OTCBB:ONSC) using a revolutionary
patent-pending technology, is developing next generation LED video
displays to provide communication and display solutions for both
commercial advertising and government agency signage markets,
including The Department of Transportation, Homeland Security, law
enforcement, and emergency responders. The OnScreen(TM) technology
produces LED display signs that are lighter, brighter and less
expensive to install and support than current LED signs in the
marketplace. More about OnScreen Technologies is available at
http://www.onscreentech.com
Forward Looking Statements
This press release contains forward-looking statements that may be
identified by terminology such as "may," "will," "should," "could,"
"expects," "plans," "intends," "anticipates," "believes," "estimates,"
"predicts," "potential" or "continue" or the negative of such terms
and other comparable terminology. Actual results may differ materially
from the predictions discussed. Additional factors that materially
affect forward-looking statements include general economic and
business conditions; the future results of projected contracts being
executed; changes in the marketplace through zoning and government
regulations involving LED (light emitting diodes); the success of our
brand awareness campaign; ability to raise capital; competition;
ability to build strategic relationships with manufacturers and/or
customers; the protection of our intellectual property rights; and
other factors over which the Company has little or no control,
including those that the Company incorporates by reference in its Form
8-Ks, 10-Ks, and 10-Qs that it files periodically with the SEC.
KEYWORD: NORTH AMERICA OREGON UNITED STATES
INDUSTRY KEYWORD: TECHNOLOGY GOVERNMENT DEFENSE HARDWARE FEDERAL GOVERNMENT AGENCIES LAW ENFORCEMENT TRANSPORT RETAIL COMMUNICATIONS MARKETING FUNDING
SOURCE: OnScreen Technologies, Inc.
CONTACT INFORMATION:
Media and Investors:
OnScreen Technologies, Inc.
Linda Ferguson, 503-417-1700
Lferguson@onscreentech.com
PORTLAND, Ore.--(BUSINESS WIRE)--March 22, 2006--
First graph, first sentence of release should read:
private placement of $10.3 million (sted $10.2 million).
The corrected release reads:
ONSCREEN(TM) COMPLETES $10,300,000 PRIVATE PLACEMENT
OnScreen Technologies, Inc. (OTCBB:ONSC), an innovative developer
of LED signage technology and solutions, announced today that it has
completed a private placement of $10.3 million from several existing
shareholders and new investors. Effective Monday, March 20, 2006, the
entire $10.3 million converted to equity pursuant to the terms of the
instrument, leaving the company effectively "debt free." Proceeds are
intended to be used primarily for working capital and general
corporate growth. The infusion of cash allows the company to continue
to develop and launch its patent pending technologies for commercial
and government markets.
"We are quite pleased to have raised $10.3 million," said Charles
Baker, CEO and Chairman of OnScreen. "This capital will help us bring
our innovative technologies to market more aggressively. In order to
execute our business objectives, we recently added several experienced
executives to our sales team. I'm confident that we now have the right
products, team and resources to capitalize on our tremendous growth
opportunities and drive shareholder value."
About OnScreen Technologies, Inc.:
OnScreen Technologies, Inc. (OTCBB:ONSC) using a revolutionary
patent-pending technology, is developing next generation LED video
displays to provide communication and display solutions for both
commercial advertising and government agency signage markets,
including The Department of Transportation, Homeland Security, law
enforcement, and emergency responders. The OnScreen(TM) technology
produces LED display signs that are lighter, brighter and less
expensive to install and support than current LED signs in the
marketplace. More about OnScreen Technologies is available at
http://www.onscreentech.com
Forward Looking Statements
This press release contains forward-looking statements that may be
identified by terminology such as "may," "will," "should," "could,"
"expects," "plans," "intends," "anticipates," "believes," "estimates,"
"predicts," "potential" or "continue" or the negative of such terms
and other comparable terminology. Actual results may differ materially
from the predictions discussed. Additional factors that materially
affect forward-looking statements include general economic and
business conditions; the future results of projected contracts being
executed; changes in the marketplace through zoning and government
regulations involving LED (light emitting diodes); the success of our
brand awareness campaign; ability to raise capital; competition;
ability to build strategic relationships with manufacturers and/or
customers; the protection of our intellectual property rights; and
other factors over which the Company has little or no control,
including those that the Company incorporates by reference in its Form
8-Ks, 10-Ks, and 10-Qs that it files periodically with the SEC.
KEYWORD: NORTH AMERICA OREGON UNITED STATES
INDUSTRY KEYWORD: TECHNOLOGY GOVERNMENT DEFENSE HARDWARE FEDERAL GOVERNMENT AGENCIES LAW ENFORCEMENT TRANSPORT RETAIL COMMUNICATIONS MARKETING FUNDING
SOURCE: OnScreen Technologies, Inc.
CONTACT INFORMATION:
Media and Investors:
OnScreen Technologies, Inc.
Linda Ferguson, 503-417-1700
Lferguson@onscreentech.com