|By Marketwired .||
|March 24, 2014 10:29 PM EDT||
CUPERTINO, CA -- (Marketwired) -- 03/24/14 -- Inventergy Inc., an intellectual property acquisition and licensing company, announced today that it has signed agreements to raise $3 million in additional financing largely from its existing investor base. The capital will be used to expand the company's operations and continue to drive acquisition and licensing programs.
"We are delighted to see such a strong show of support from our early investors," said Joe Beyers, Chairman and CEO of Inventergy. "This additional investment will allow us to accelerate our growth and monetization activities, while restructuring the company's existing indebtedness and strengthening our overall financial position."
Under the terms of the agreement, Inventergy will receive $3,000,000 in senior secured debt convertible into common stock. The current $5,000,000 in senior secured debt will be exchanged for a similar security. The convertible notes are secured by a first priority lien on all of the Inventergy's assets including the 667 patent assets acquired from Huawei and Panasonic and bear an interest rate of 4% which will be reduced to 2% upon the company achieving certain requirements. Subject to certain limitations, the notes are convertible into common stock at $7.50 per share.
The convertible notes are fully amortizing, with principal and interest payments due quarterly commencing October 15, 2014. In addition, the Company has the right to prepay up to half of the then-remaining principal amount of the convertible notes at any time. The prior notes were nonconvertible but were pre-payable by Inventergy.
The noteholders have the right to accelerate payment of the notes on an event of default or a change in control (other than the previously announced pending merger with eOn Communication).
The foregoing is a summary of the terms of the convertible debt. Copies of the Securities Purchase Agreement, form of Convertible Note, Cash Collateral Agreement and Amendment No. 1 to the Merger Agreement are available on our website at http://www.inventergy.com/news/pr/Inventergy-3-24-14.
The sale of the Convertible notes is expected to close on or about March 25, subject to satisfaction of customary closing conditions.
The convertible notes were issued primarily to existing equity holders of Inventergy. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Inventergy Inc.
Inventergy Inc. is an intellectual property acquisition and licensing company dedicated to identifying, acquiring and licensing the patented technologies of market-significant technology leaders. Led by IP industry pioneer and veteran Joe Beyers, former head of IP and global strategy at Hewlett-Packard, the company leverages decades of experience, market and technology expertise, and industry connections to assist Fortune 500 companies in leveraging the value of their innovations to achieve greater returns. Inventergy aspires to enable a new world of IP value creation built upon a more transparent, above-board and ethical business platform. Inventergy's current portfolio now contains over 660 patent assets (including patents related to industry standards), from two Fortune Global 500 and Gartner-recognized technology leaders in the telecommunications industry. For more information about Inventergy, visit the website at www.inventergy.com.
This press release contains statements, estimates, forecasts and projections with respect to future performance and events, which constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements include statements regarding the intent and belief or current expectations of the Company and its affiliates and subsidiaries and their respective management teams. These statements may be identified by the use of words like "anticipate", "believe", "estimate", "expect", "intend", "may", "plan", "will", "should", "seek" and similar expressions and include any projections or estimates set forth herein. Investors and prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, that actual results may differ materially from those projected in the forward-looking statements.
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