Liquidmetal Shareholders Approve Authorized Share Increase Facilitating $55M Investment
RANCHO SANTA MARGARITA, Calif.--(BUSINESS WIRE)--May 20, 2016--
Liquidmetal® Technologies, Inc. (OTCQB: LQMT) ("LQMT"),
on March 10, 2016, LQMT announced that it had closed on a financing
transaction of up to $63.4 million (initial closing occurring on March
10, 2016 in the amount of $8.4 million, with a commitment for an
additional investment in the amount of $55.0 million subject to an
increase in authorized shares to be approved by shareholders). The
investment was made by Professor Lugee Li in conjunction with a
cross-licensing agreement with DongGuan EONTEC Co., Ltd. (“EONTEC”), a
publicly traded company on the Shenzhen Stock Exchange (300328.sz).
Professor Li is also the Chairman and majority stockholder of EONTEC.
LQMT held its annual shareholder meeting on May 18, 2016, and
shareholders approved the increase in the Company’s authorized shares
from 700,000,000 to 1,100,000,000 shares. This increase in authorized
shares now allows the Company to issue common stock to fund the
remaining $55 million investment.
“With the increase in authorized shares, we are now poised to close on
the remaining $55 million investment committed by Professor Li,” said
Thomas Steipp, President and CEO at LQMT. “We are very excited about the
ongoing partnership we are building with EONTEC and look forward to
finalizing the investment transaction.” continued Mr. Steipp.
For more information, please refer to our Form 8-K describing the
transaction filed with the Securities and Exchange Commission on May 20,
2016.
About Liquidmetal Technologies
Liquidmetal Technologies, Inc. is the leading developer of amorphous
alloys that utilize the performance advantages offered by amorphous
alloy technology. Amorphous alloys are unique materials that are
distinguished by their ability to retain a random structure when they
solidify, in contrast to the crystalline atomic structure that forms in
ordinary metals and alloys. Liquidmetal Technologies is the first
company to produce amorphous alloys in commercially viable bulk form,
enabling significant improvements in products across a wide array of
industries. For more information, go to www.liquidmetal.com.
Forward-Looking Statement
This press release contains "forward-looking statements," including but
not limited to statements regarding the advantages of Liquidmetal's
amorphous alloy technology, scheduled manufacturing of customer parts
and other statements associated with Liquidmetal's technology and
operations. These statements are based on current expectations of future
events. If underlying assumptions prove inaccurate or unknown risks or
uncertainties materialize, actual results could vary materially from
Liquidmetal's expectations and projections. Risks and uncertainties
include, among other things; customer adoption of Liquidmetal's
technologies and successful integration of those technologies into
customer products; potential difficulties or delays in manufacturing
products incorporating Liquidmetal's technologies; Liquidmetal's ability
to fund its current and anticipated operations; the ability of third
party suppliers and manufacturers to meet customer product requirements;
general industry conditions; general economic conditions; and
governmental laws and regulations affecting Liquidmetal's operations.
Additional information concerning these and other risk factors can be
found in Liquidmetal's public periodic filings with the U.S. Securities
and Exchange Commission, including the discussion under the heading
"Risk Factors" in Liquidmetal's 2015 Annual Report on Form 10-K.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160520005526/en/
Source: Liquidmetal Technologies, Inc.
Liquidmetal Technologies, Inc.
Otis Buchanan
Media Relations
1-949-635-2120
otis.buchanan@liquidmetal.com
