PHI - Phase Holographic Imaging » Press Release | » Raises capital to establish Center of Excellence in the US

Raises capital to establish Center of Excellence in the US

As communicated in 2013/2014 Year-End Report, Phase Holographic Imaging (PHI) has successfully reached the milestones of the initial funding period. PHI has therefore initiated the planned second funding round by securing 3 MSEK from investors and ALMI.

These funds allow PHI to immediately progress towards the milestones of the second funding period, including the establishment of a Center of Excellence for the US market – a key component of the strategic marketing plan.

The investor capital of 1.5 MSEK has been made available to the Company as loans. At the discretion of the shareholders, the loans may be fully or partially converted into shares in the planned rights-issue during the third quarter of 2014. Otherwise, the loans will be repaid in cash no later than the December 1, 2014. Peter Egelberg, the CEO and founder of PHI, provides 300 TSEK of the 1.5 MSEK.

To compensate for loss of bank interest, financial risk and for partially guaranteeing the rights-issue investors will receive a fixed interest of 12%, regardless of how and when the loans are repaid. If the loans are fully converted into shares, accrued interest will be converted as well.

Additionally, PHI has been granted a 6 month loan of 1.5 MSEK from ALMI Skåne according to ALMI’s general conditions.

REACHED MILESTONES

  • Signing collaboration agreements with four key opinion leaders.
  • Transfer manufacturing of HoloMonitor M4 to volume production.
  • Specify design and requirements for HoloMonitor M5 in cooperation with key opinion leaders.

MILESTONES OF SECOND FUNDING PERIOD

  • Signing collaboration agreements with additionally at least four key opinion leaders.
  • Reduce production cost of HoloMonitor M4 to 20% of end customer price.
  • A prototype HoloMonitor M5 shall be evaluated by key opinion leaders.

ABOUT ALMI

ALMI has for many years given the Company financial support. More information about ALMI can be found at www.almi.se.

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