Financing to fund marketing, sales at Invisa

SARASOTA, Fla. - Invisa Inc. has completed a $2.2-million private placement of convertible preferred shares, providing the company with financing for continued growth. According to Herbe Lustig, president and chief executive officer of Invisa, a company in the life safety and security market with a presence-sensing technology, the financing is a vote of confidence in the company’s business plan. “We plan to use the financing proceeds to repay certain existing debt and to fund sales, marketing, research and development and to provide working capital,” he said. Invisa’s preferred shares are convertible into shares of common stock. The investors also receive three-year warrants to purchase an additional 1.5 million shares of common stock at an exercise price of $1 per share.