18 Aug 2004 -- PowerLinx, Inc. Closes Private Placement Offering
PowerLinx to Launch SecureView(R) PLVS Plus Home Monitoring Products and Expand Domestic and International Marketing
TIERRA VERDE, Fla., Aug. 18 /PRNewswire-FirstCall/ -- PowerLinx, Inc. (OTC Bulletin Board: PWLX - News), the leader in powerline communication products announced today they closed the recent private placement offering effective Monday, August, 16, 2004 at 5:00 PM EDT. The $1.636M private placement to certain institutional investors, accredited investors and directors includes the $1.275 placement previously announced July 21, 2004. The total $1.636 private placement consists of 12.8M shares of common stock, together with 1.9M warrants to acquire additional shares of common stock. Upon exercise, these warrants would yield additional cash proceeds to the Company of approximately $962,000 in total. The Company expects to register the private placement in the 3rd quarter.
The company intends to use the funds obtained through this private placement to expand our sales force internally and externally, to launch and market the new SecureView® PLVS Plus home monitoring system, to complete commercialization of digital powerline products, to expand direct television marketing, to increase advertising and marketing expenditures in appropriate markets and product segments, to begin the process of certifications to allow distribution in international markets and for general overhead expenses.
POWERLINX(TM) is a leader in the field of powerline communications products (PLC). PowerLinx's proprietary analog and digital powerline technology is at the core of its value proposition. These two transmission technology schemes allow PowerLinx to take full advantage of a number of exciting and continually expanding market segments. These market segments currently consist of vehicle viewing systems; hotel and multiple dwelling units high speed internet; and entertainment, networking and security products. With PowerLinx's expertise in analog and digital systems, PowerLinx has combined its technology with our extensive sourcing expertise to provide price competitive, quality products to the market. Our products provide the reliability, cost and ease of installation that the customers want in these market segments. This focus of reliability, cost and ease of installation provides PowerLinx with a competitive advantage over its competitors. PowerLinx provides transmission products that span all copper wiring segments; coax, twisted pair and electrical AC or DC circuits. These products are sold to original equipment manufacturers (OEM), dealers, distributors, retailers, and consumers throughout the world.
The Company also develops, manufacture and sell different kinds of underwater video cameras, lights and accessories for the marine, commercial and consumer retail markets under the SeaView(TM) brand name.