NVNT stock: Novint Closes $5.2 Million Investment Round
Investment Will Fund Company's Continued Acquisition of AAA Game Titles for Award-Winning Falcon Controller
Novint Technologies, Inc. (OTCBB: NVNT stock),
the pioneer of 3D touch for consumer computing, announced today the closing
of a $5.2 million financing round. This funding allows Novint to continue
adding major video games to the roster for the Novint Falcon, the
groundbreaking game controller that brings 3D touch to gaming, transforming
gaming in the same way sound changed motion pictures. Novint recently
announced its agreement with Electronic Arts, the industry's leading
publisher, for six blockbuster franchise titles to be sold on Novint's
online game store, including Tiger Woods PGA TourŪ 08, Madden NFL 08 and
Battlefield 2(TM). The company is in discussions with many other top
publishers, and recently completed an agreement for seven other AAA games
with another top publisher.
"We saw a lot of interest on this round given how compelling closing on AAA
titles is, which is one of the primary uses of proceeds," said Novint CEO
Tom Anderson. "Closing on AAA titles is the single most important key to
our success right now, both in driving Falcon sales and in creating
high-margin revenue on game sales, and Novint is excelling in that area."
The unsecured debt financing carries a 7% interest rate; however, no
interest is due over the first year, no payments of principal or interest
are due for 3 years, and it is convertible to common stock of the Company
at a fixed conversion price of $1.00/share. Further details on the
financing may be obtained through our filings with the SEC.
About Novint
Novint (OTCBB: NVNT) develops, markets, and licenses technology that adds
high-fidelity interactive 3D touch to computing. For more information
visit: www.novint.com.
This press release contains statements that constitute "forward-looking
statements." Investors are cautioned that forward-looking statements
involve risks and uncertainties that could cause actual results to differ
materially from the statements made. Factors that may cause or contribute
to such differences include fewer sales than expected, changes in industry
conditions, litigation, and other risk factors identified in the Company's
Form 10K filed with the SEC. The Company undertakes no obligation to
update these forward-looking statements for revisions or changes after the
date of this press release.
