PPT VISION completes $900k private offering
SEPTEMBER 11, 2008--PPT VISION, Inc. (Minneapolis, MN, USA; www.pptvision.com) has announced that on Sept. 8, 2008, it completed a private offering of 12.5 million shares of its common stock for $900,000.
SEPTEMBER 11, 2008--PPT VISION, Inc. (Minneapolis, MN, USA; www.pptvision.com) has announced that on Sept. 8, 2008, it completed a private offering of 12.5 million shares of its common stock for $900,000. The company plans to use the proceeds for working capital purposes, including financing inventory and accounts receivable.
The offering was purchased by two private investors. Thomas F. Leahy, a private venture capital investor based in suburban Minneapolis, invested $800,000 and Robert W. Heller, an existing member of PPT VISION's board of directors, invested $100,000 through Heller Capital, Inc. After giving effect to the investment by Leahy and Heller, PPT VISION has 27,402,916 shares outstanding.
In addition, the company announced that it will be moving from its existing 35,000 sq. ft. facility in Eden Prairie, MN, to a 17,000 sq. ft. facility in Bloomington, MN. PPT VISON has entered into a five-year lease on the new facility effective Oct. 1, 2008.
Joe Christenson, president and CFO of PPT VISION, says, "We are pleased that Tom Leahy has agreed to join the PPT VISION board of directors and participate in this equity offering. We believe that this new equity investment together with new operational efficiencies we are implementing as a part of this relocation to a much more cost efficient headquarters and manufacturing facility will serve to significantly strengthen PPT VISION's competitiveness, ability to serve our customers, and ability to develop to new business."