Robotic Vision Systems completes private placement

JULY 28--Robotic Vision Systems Inc. (RVSI; Nashua, NH; www.rvsi.com) has completed a private placement of 931,703 shares of common stock with a group of institutional investors.

JULY 28--Robotic Vision Systems Inc. (RVSI; Nashua, NH; www.rvsi.com) has completed a private placement with a group of institutional investors of 931,703 shares of common stock at $2.05 per share, raising approximately $1,900,000 in gross proceeds. The proceeds of the financing will be used for working capital to support current growth as well as for other general corporate purposes.

The buyers of the shares also acquired warrants to purchase up to an additional 419,267 shares of common stock. If warrants are exercised by January 31, 2005, such warrants may be exercised at a price of $2.50 per share, or an aggregate purchase price of up to $1,048,168. If warrants are exercised after January 31, 2005, but before their expiration on July 31, 2007, such warrants may be exercised at a price of $3.05 per share, or an aggregate purchase price of up to $1,278,765.

Under terms of the company's private placement completed in September 2003, participants in that placement have been offered the right to purchase shares, on equivalent terms, in the just-completed private placement. RVSI believes certain of the participants in the September 2003 private placement may exercise those rights, although the company cannot quantify the number of shares that will be purchased at this time.

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