AUSTIN, Texas, Feb. 17, 2004 (PRIMEZONE) -- Nano-Proprietary, Inc. (OTCBB:NNPP) today announced that it completed a private placement in which it issued a total of 401,887 shares of its common stock in exchange for proceeds of $1,065,000. There were no significant expenses associated with the sale of these shares.
The offering was priced at $2.65 per share on January 28, 2004 when the Company's common stock closed at $2.80 per share. As of the date of this press release, the Company's cash balance will be approximately $4.5 million (with no debt).
"The main goal behind this financing was to increase the likelihood that our auditors will remove the going concern qualification from their audit opinion. We felt this to be an important step for the Company as we continue to negotiate development and license contracts," said Marc Eller, CEO of Nano-Proprietary, Inc. "In addition, the Company is expanding the space in its offices by 60% (from 10,000 to 16,000 sq. ft.) to handle increased activity in the sensor side of the business and commence the assembly of the 25 inch color CNT (carbon nanotube) television," continued Mr. Eller.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties concerning Nano-Proprietary's business, products, and financial results. Actual results may differ materially from the results predicted. More information about potential risk factors that could affect our business, products, and financial results is included in Nano-Proprietary's annual report on Form 10-KSB for the fiscal year ended December 31, 2002, and in reports subsequently filed by Nano-Proprietary with the Securities and Exchange Commission ("SEC"). All documents are available through the SEC's Electronic Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov or from Nano-Proprietary's web site listed below. Nano-Proprietary hereby disclaims any obligation to publicly update the information provided above, including forward-looking statements, to reflect subsequent events or circumstances.
Nano-Proprietary, Inc. is a holding company consisting of two wholly owned operating subsidiaries. Applied Nanotech Inc. is a premier research and development organization dedicated to developing applications for nanotechnology with an extremely strong position in the field of electron emission applications from carbon film/nanotubes. Electronic Billboard Technology, Inc. (EBT) is geared toward licensing its electronic digitized sign technology. Nano-Proprietary's website is www.nano-proprietary.com.