This Week
  • Buckingham Properties inks a new lease with key tenant for Legacy Tower.

  • Banks and credit unions grow and compete for market share in the region.

  • Teresa Galbier is CEO of the local chapter of Alzheimer's Association.

  • See the 20th anniversary edition of the Forty under 40 supplement.

  • Faraci Lange LLP specializes in medical malpractice and injury law.

  • Thuc Hyunh M.D. has Rochester's first direct primary care practice.

Vuzix obtains private placement financing

Rochester Business Journal
March 26, 2013

Vuzix Corp. on Monday said it has obtained $800,000 in private placement financing.
 
Last week, the Henrietta seller of video eyewear entered into a purchase agreement with Hillair Capital Investments L.P. for the sale of an $800,000, 16 percent senior secured convertible debenture.

Repayment of the debenture will be due in seven installments. A payment of $200,000 is due Feb. 1, May 1 and Aug. 1 of 2014. In addition, a payment of $50,000 each is due on Aug. 1 in 2015, 2016 and 2017. A final payment of $50,000 is due on March 21, 2018, which is the debenture’s maturity date.

Vuzix also has agreed to issue a warrant to Hillair for the purchase of 186,480 shares of Vuzix common stock. The warrants have an exercise price of $4.72 a share can exercised any time until March 21, 2018.

Vuzix CEO Paul Travers said the $800,000 will be used to develop Vuzix’s new M100 Smart Glasses, which are set to reach commercial markets this summer.

“As we prepare to launch our new M100 Smart Glasses, this financing will allow us to continue with the final development and commercialization of the M100 for its planned summer introduction,” he said. “The balance of the proceeds will be used for general working capital purposes and final preparatory work for our proposed secondary public offering.”

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google