Broadcast International Announces $6.95 Million Private Placement
Summary
Proceeds to Fund Growth Initiatives and Retire Senior Long-Term Debt at Discount to Par SALT LAKE CITY, UT--(Marketwire - Mar 14, 2012) - Broadcast International ( : BCST), a provider of video management software and services for next-generation video IP networks, has entered into definitive agreements to complete a $6.95 million private placement equity financing with a group of institutional and qualified individual investors. After paying financing-related costs, the company plans to use the net proceeds of approximately $5.2 million to support further marketing of its video management solutions, as well as to strengthen its balance sheet through the reduction of short-term and long-term debt. In addition, holders of $400,000 in short-term notes and $500,000 in accounts payable financing will convert their balances into shares of common stock in the offering. By slashing bandwidth requirements, CodecSys enables a new generation of applications such as OTT (Over-the-Top) and Cloud streaming of videos to any device, including smartphones. CodecSys offers unprecedented price/performance benefits for existing applications, including live HD video encoding.
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