21 July 2004 -- PowerLinx Executes Private Placement
PowerLinx to Launch Next Generation of SecureView(R) Products and Expand Domestic and International Marketing
TIERRA VERDE, Fla., July 21 /PRNewswire-FirstCall/ -- PowerLinx, Inc. (OTC Bulletin Board: PWLX - News), the leader in powerline communication products announced today the completion of a $1.275M private placement to certain institutional investors of 10M shares of common stock, together with 1.5M warrants to acquire additional shares of common stock. Upon exercise these warrants would yield additional cash proceeds to the Company of approximately $750,000 in total.
George S. Bernardich III, PowerLinx Chairman & CEO, stated, "The Company is pleased with the investment and vote of confidence from the global financial community. The proceeds from this investment will be used to bring the next generation of home and small office powerline security products to market this year. In addition, the Company will use funds to increase our marketing efforts for our PowerLine Vision System transportation products, hotel and MDU high speed internet transmission products, and homeland security applications. The Company will also begin the process of certifications to allow distribution in international markets. Of course, the continued focus will be on incremental sales growth far beyond our current seven-quarter sales growth trend and aggressively working toward achieving profitability. And, as we are diligently working to insure we achieve these goals, we intend to evaluate additional funding proposals to further solidify the Company financial position and the process toward an exchange listing."
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.