MDI completes $4m private placement

SSN Staff  - 
Friday, June 1, 2007

SAN ANTONIO--MDI, creator of command and control software and a security systems engineering firm, announced in early May it had sold 2,395,210 shares of common stock to institutional investors at a share price of $1.67, a roughly 25 percent discount under its share price on the day of the announcement. The investors were listed as Hudson Bay Fund, Hudson Bay Overseas Fund and Vertical Ventures Investments, all based in New York City. MDI chief executive officer and president J. Collier Sparks said in a statement the money would be used for enhancing stockholder equity and financing the continued execution of the company's business plan.