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GlassesOff Announces Closing of Non-Brokered $5 Million Private Placement Led by Institutional Investors
|By Business Wire
|May 19, 2014 08:34 AM EDT
GlassesOff Inc. (OTCBB:GLSO), today announced that it completed a
private placement of approximately four million shares of its common
stock to new and existing investors, which provided gross proceeds to
the Company of $5 million. The lead investor in the offering is an
affiliate of Cowen Group (Nasdaq:COWN). The Chairman and Vice Chairman
of GlassesOff participated in the offering on the same terms as all
The company's management will host an investor conference call and
webcast on May 21, 2014 at 12pm EDT to review recently announced
corporate developments, including an update regarding the GlassesOff
product pre-commercial launch on the iOS (iPhone, iPod and iPad)
platform and future plans.
Nimrod Madar, CEO of GlassesOff, commented, “We are delighted to
welcome on-board significant institutional investors. Following the
closing of this private placement and the positive preliminary results
from our iOS soft launch, we are ready to move forward with our stated
execution plan, including the completion of our iOS soft launch and
initial launch of GlassesOff for the Android operating system, currently
scheduled for the end of the second quarter, followed by a planned ramp
up of our marketing activities in the U.S. market and concurrent
initiation of our marketing plan for international expansion.”
Shai Novik, Chairman of GlassesOff, added, “GlassesOff platform
technology is one of the most interesting disruptive technologies I have
seen in a long time, with the potential to enable people of all ages to
significantly improve, through exercise, their visual skills and
performance. The Company has commenced a clear commercialization
program, which I believe will eventually result in multiple products for
various mass market segments. We believe that the planned sports
applications have the potential to boost the performance of millions of
children and teenagers playing baseball, tennis, hockey, practicing
martial arts or any other sport in which visual interpretation and
resulting decisions need to be made in a split second.”
To view the presentation, during the investor call, please visit: http://bridge6.globalmeeting.com/
conference reference: 131178 security code: 713579. To listen to a live
broadcast of the call over the Internet, please visit: http://www.voicetext.com/Streams/StreamPlayerWM.aspx?UserID=eyekon&FileID=146.
Those investors who prefer to participate via telephone, or who want to
ask questions during the conference call, should dial the following
toll-free number approximately 10 minutes prior to the scheduled start
time: +1-800- 861-5164 access code: 713579#. International investors
should dial +1-512-807-2271 access code: 713579#.
The shares of common stock offered and sold in the private placement
have not been registered under the Securities Act of 1933, as amended,
or any state securities laws and may not be offered or sold in the
United States absent registration or an applicable exemption from
GlassesOff Inc. is a company developing and commercializing next
generation vision sharpness applications. GlassesOff™ has developed a
proprietary, patented technology platform to improve near vision
sharpness through exercise, by improving the image processing function
in the visual cortex of the brain, without changing the optical
characteristics of the eye. The GlassesOff™ product has been designed to
eliminate the dependency on reading glasses of people over the age of 40
who experience natural age-related changes in their near vision
sharpness. The GlassesOff™ product is expected to be sold initially as
an iPhone/iPad app, and was named one of the top Emerging Breakthroughs
in Science and Technology for 2013 by Reader’s Digest Magazine. For more
information, visit www.glassesoff.com.
Safe Harbor Statement: This press release contains forward-looking
statements, which may be identified by words such as “expects,” “plans,”
“projects,” “will,” “may,” “anticipates,” “believes,” “should,” “would,”
“intends,” “estimates,” “suggests,” “has the potential to” and other
words and phrases of similar meaning, including statements regarding the
results of effectiveness of GLASSESOFF’s applications. Investors are
cautioned that forward-looking statements involve risks and
uncertainties that may affect GLASSESOFF’s business and prospects,
including the risks that GLASSESOFF may not succeed in generating any
revenues or developing any commercial products, that the products may
not achieve the expected results or effectiveness, and other risks and
uncertainties that may cause results to differ materially from those set
forth in the forward-looking statements. In addition to the risk factors
described above, investors should consider the economic, competitive,
governmental, technological and other factors discussed in GLASSESOFF’s
filings with the Securities and Exchange Commission. The forward-looking
statements contained in this press release speak only as of the date the
statements were made, and we do not undertake any obligation to update
forward-looking statements, except as required under applicable law.
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