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Thursday January 25, 2006 News Release DataLogic International™ Completes $3,250,000 Refinancing Transaction Increases Financial Flexibility and Facilitates Future Growth IRVINE, CA, January 25, 2006– DataLogic International, Inc., (OTC Bulletin Board: DLGI; Berlin, Frankfurt Stock Exchange: 779612), a provider of GPS-based mobile asset tracking, secured mobile communications and network security, today announced that it has completed a $3,250,000 debt refinancing with Laurus Master Fund, Ltd. The proceeds were used to redeem the existing convertible note held by Laurus. The new term note is non-convertible and carries an interest rate of prime plus 2.00% per year, subject to a floor interest rate of 8.00% and is due on December 31, 2007. In connection with the new note, the Company issued Laurus an option to purchase 1,560,000 shares of its common stock for $.001 per share, subject to registration. The Company expects net proceeds in excess of $1,000,000 from the transaction. "This latest straight term note financing combined with the redemption of our original convertible note has greatly reduced equity dilution. We’ve also lowered our cost of capital and extended our maturity date. We are pleased to have completed this important strategic step with Laurus and look forward to continuing to execute our aggressive growth plans." said Keith Moore, CEO of DataLogic. About DataLogic International, Inc. DataLogic International, Inc. provides communications solutions and consulting services to a wide range of U.S. and international commercial enterprises and governmental agencies. DataLogic provides complete GPS and location based services to rapidly growing markets such as vehicle and asset tracking, public safety and homeland security. DataLogic also provides secure mobile communications, network security, video communications as well as Information Technology and consulting services. For more information about DataLogic International, please visit www.dlgi.com. This
news release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, as amended, regarding,
among other things, our plans, strategies and prospects, both
business and financial. Although we believe that our plans,
intentions and expectations reflected in or suggested by these
forward-looking statements are reasonable, we cannot assure
you that we will achieve or realize these plans, intentions
or expectations. Forward-looking statements are inherently subject
to risks, uncertainties and assumptions. Many of the forward-looking
statements contained in this news release may be identified
by the use of forward-looking words such as: believe, expect,
anticipate, should, planned, will, may, intend, estimated, and
potential, among others. Important factors that could cause
actual results to differ materially from the forward-looking
statements we make in this news release include market conditions,
the market performance of acquired business entities and assets
and other factors such as, but not limited to, those set forth
in reports or documents that we file from time to time with
the United States Securities and Exchange Commission. All forward-looking
statements attributable to DataLogic International or a person
acting on its behalf are expressly qualified in their entirety
by this cautionary language. Investor Relations Contact: Keith Moore,
CEO and Chairman SOURCE:
DataLogic International, Inc. |
