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Advanced ID said the proceeds from the investment will be used for the company's growth initiatives, including its expansion in China and for working capital related to the fulfillment of certain large RFID contracts recently received and anticipated as well as for other general corporate purposes.
"We are pleased to announce the investment by La Jolla Cove Investors in Advanced ID which significantly paves the way for us to attain profitability in 2009," said Dan Finch, the company's President and Chief Executive Officer. "In the face of severe conditions in the capital markets where funding has been virtually nonexistent within the micro cap sector, the investment by an institutional investor such as LJCI validates our business strategy and the competitive position we maintain with our world class RFID technology."
Under the terms of the investment by LJCI, a California-based private investment company, Advanced ID will sell three convertible debentures to LJCI for a total funding of $3 million. The convertible debentures carry an annual interest rate of 6 percent and are each in the principal amount of $1,000,000 with an expiration of twelve months after issuance.
Clarification of Statements Made in October 29, Press Release
Advanced ID is clarifying statements made in the press release issued by the company on October 29. As referenced in the release, the contract valued at approximately US$1.6 million for RFID products was actually received by Shenzhen DDCT Technology (DDCT). It is anticipated that products to be delivered under this contract will be manufactured and shipped to the customer beginning in early 2009. Advanced ID announced in September its intent to acquire DDCT, although this transaction is expected to be consummated before the end of 2008. Financial projections and other forward looking statements made in the October 29 press release contemplate the inclusion of DDCT as part of Advance ID's consolidated results.
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