Liquidmetal Technologies Announces Amendment to Securities Purchase Agreement
-Technology Partnership Continues to Strengthen-
RANCHO SANTA MARGARITA, Calif.--(BUSINESS WIRE)--Aug. 17, 2016--
Liquidmetal® Technologies, Inc. (OTCQB: LQMT), the world’s
leading developer of amorphous alloys, announced today that it has
entered into an amendment to its Securities Purchase Agreement, dated
March 10, 2016, with Liquidmetal Technology Limited, a company owned and
controlled by Professor Lugee Li. Under the amendment, Liquidmetal
Technologies agreed to extend to December 31, 2016 the deadline for the
purchase by Liquidmetal Technology Limited of the remaining 300,000,000
shares under the Securities Purchase Agreement. The original deadline
for the follow-on investment was August 17, 2016, and the amendment will
enable Professor Li to complete the international funds transfer process
required for the remaining investment. Other than the extension of the
closing date, the amendment did not materially modify the terms of the
original Securities Purchase Agreement.
The Securities Purchase Agreement was entered into in March 2016 in
conjunction with a cross-licensing agreement with DongGuan EONTEC Co.,
Ltd. (EONTEC), a global manufacturing company headquartered in Hong Kong
that specializes in the development of bulk metallic glasses and other
new materials. In commenting on the partnership with Professor Li and
EONTEC, Thomas Steipp, the CEO of Liquidmetal Technologies, stated, “Our
partnership with Mr. Li and EON continues to strengthen. We are making
excellent progress on expanding the solutions available to our customers
worldwide, providing a wider range of part geometries, and attractive
manufacturing options. We believe that the infusion of capital from
Professor Li will allow Liquidmetal to grow at a much faster rate moving
forward, allowing us to address a broader range of customers and to
expand operations in North America and Europe. We understand that
transferring funds from China to the US can present timing issues, and
believe that this extension, which essentially leaves all aspects of our
original agreement in place, is clearly in the best interest of our
shareholders.”
Professor Li, in commenting on the partnership and additional
investment, stated, “I have worked closely with the Liquidmetal
management team to shape a vision and a tactical plan for the future
that would not have been possible for either company on its own. I look
forward to furthering our relationship and am excited about the
possibilities for 2017 and beyond.”
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/20160817006168/en/
Source: Liquidmetal Technologies, Inc.
Liquidmetal Technologies, Inc.
Otis Buchanan
Media Relations
1-949-635-2120
otis.buchanan@liquidmetal.com
