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6.03.2005 |
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Global ePoint Completes $3.5 Million Private Placement |
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CITY OF INDUSTRY, Calif. — (BUSINESS WIRE) — June 3, 2005 — Global ePoint, Inc. (Nasdaq: GEPT – News), an innovative developer and manufacturer of homeland security solutions for aviation, commercial and law enforcement, announced today that it has completed a private placement of Series C Convertible Preferred Stock to existing institutional investors, raising gross proceeds of $3.5 million. H.C. Wainwright & Co., Inc. acted as placement agent for the transaction. The Company issued 1,250 shares of Series C Preferred Stock, which are convertible at $2.80 per share into 1,250,000 shares of Global ePoint’s common stock. The Company also issued warrants to purchase 625,000 share of the Company’s common stock at $3.50. Proceeds are expected to be used for potential acquisitions, working capital and other general corporate purposes.
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About GlobalePoint, Inc. | |||
Global ePoint’s growth catalyst, through its wholly-owned subsidiaries, is the design, manufacturing, sales and distribution of digital video surveillance systems for the law enforcement, military, aviation and homeland security markets. On the cutting edge of digital technology and seeking to expand its product line, Global ePoint is developing new compression technologies and next–generation, secure network digital video systems and servers for a wide range of new markets, concentrating primarily on security and homeland defense applications. As a solid recurring revenue stream, the Company also manufactures customized computing systems for industrial, business and consumer markets, as well as other specialized electronic products and systems. Complete vertical integration — from design and manufacturing to sales and distribution — allows the Company to capture efficiencies and maintain cost advantages in these growing markets, particularly homeland security. For more information, please visit www.globalepoint.com.
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