GTI Receives $355,000 Equity Investment
Gyrotron Technology Inc. (PINKSHEETS: GYTI), a developer of innovative processing technology solutions, announced today that it has received $355,000 in equity investment, $340,000 of which was provided by a major shareholder. The Company sold 10,145 Units at $35/Unit, each unit consisting of (a) one share of 10% junior convertible preferred stock with a liquidation preference of $35 convertible into 50 shares of common stock (i.e. a fixed conversion price of $0.70/shr) and (b) 50 warrants exercisable at $1.00, expiring 12/31/16. However, if after 12/31/14 the common stock underlying the warrants is registered, the warrants will expire 60 days after such registration. The company is seeking additional capital, from accredited investors only, on similar terms.
About Gyrotron Technology– (GYTI)
Gyrotron Technology develops and markets unique industrial technologies to a broad range of industries including glass, solar, and semiconductor. These technologies open new horizons, substantially enhancing productivity and cutting costs by, among other things, applying heat in a dramatically more efficient and effective manner than is possible with legacy technologies.
Please visit our website http://www.gyrotrontech.com/ for additional information.
This release and the materials referred to herein contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of GYTI. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties inherent herein and in publically available information on GYTI. These risks and uncertainties could cause actual results to differ materially from those indicated in the forward-looking statements.