Financing to fund marketing, sales at Invisa
August 19, 2004
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 companyÃ¢â‚¬â„¢s business plan.
Ã‚Â Ã¢â‚¬Å“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,Ã¢â‚¬Â he said.
InvisaÃ¢â‚¬â„¢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.