WESTBOROUGH, Mass., April 30, 2010 (GLOBE NEWSWIRE) -- Viking Systems Inc. (OTCBB:VKNG) announced today that it has increased its cash and liquidity position through the issuance of common stock. The Company raised $934,897 by selling an aggregate of 4,398,050 shares of its common stock through its previously announced financing facility with Dutchess Opportunity Fund, II, LP.
Robert Mathews, Executive Vice President and CFO of Viking Systems, Inc. said, "We are very pleased to announce that we have brought significant capital into the Company. Clearly it is very important to have access to capital to fund our strategic plans. We have made great progress towards launching our Next Generation 3DHD System and it is essential to have the financial means to fund the final phases of this effort."
The Company has previously stated, and again reiterated, that it intends to raise a total of $2 million to $3 million during 2010 to fund the development and launch of its Next Generation 3DHD system, anticipated 2010 operating losses and working capital needs.
The Company plans to launch its "Next Generation" 3DHD System in the fourth quarter of 2010. The system is targeted to provide the highest quality 3DHD visualization in a cost effective, standalone solution available for minimally invasive surgery worldwide.
About Viking Systems, Inc.
Viking Systems, Inc. (OTCBB:VKNG) is a leading worldwide developer, manufacturer and marketer of 2D and 3D visualization solutions for complex minimally invasive surgery. The Company partners with medical device companies and healthcare facilities to provide surgeons with proprietary visualization systems enabling minimally invasive surgical procedures, which reduce patient trauma and recovery time. For more information visit the Company's website at: www.vikingsystems.com
This press release contains forward-looking statements. These forward-looking statements are estimates reflecting the best judgment of our management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These forward-looking statements should, therefore, be considered in light of various important factors as described in our annual report on Form 10-K under the heading "Risk Factors" as updated from time to time by our quarterly reports on Form 10-Q and our other filings with the Securities and Exchange Commission. Statements concerning forecasts, revenue growth, procedure growth, future financial results, and statements using words such as "estimate", "project", "plan", "intend", "expect", "anticipate", "believe" and similar expressions are intended to identify forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.