RANCHO SANTA MARGARITA, Calif.--(BUSINESS WIRE)--Oct. 27, 2016--
Liquidmetal® Technologies, Inc. (OTCQB: LQMT) ("LQMT", “Company”),
the world’s leading developer of amorphous alloys, announced today that
it has finalized the additional closing pursuant to its previously
disclosed Securities Purchase Agreement, dated March 10, 2016, with
Liquidmetal Technology Limited (“Investor”), a Hong Kong company owned
by Professor Lugee Li.
At the additional closing, the Company issued and sold to Investor an
aggregate of 300,000,000 shares of Company’s common stock for an
aggregate purchase price of $55,000,000, comprised of 200,000,000 shares
at $0.15 per share and 100,000,000 shares at $0.25 per share. As a
result of the additional closing, Investor has completed its entire
investment into the Company in the aggregate amount of $63.4 million as
contemplated by the Securities Purchase Agreement.
In conjunction with the above, the Company appointed Professor Li as
Chairman of the Board and added two new members to the Company’s Board
of Directors, Mr. Isaac Bresnick and Mr. Vincent Carrubba. As a result
of the foregoing appointments, Mr. Abdi Mahamedi resigned as Chairman
and was appointed as Vice Chairman of the Board and Mr. Robert
Howard-Anderson resigned from the Board of Directors.
Professor Li is also the Chairman and majority shareholder of EONTEC, a
global manufacturing company headquartered in Hong Kong with
manufacturing plants in China. It specializes in new material
development, such as bulk metallic glasses and medical grade magnesium
for implants. EONTEC possesses a full set of mass production
capabilities for zirconium based amorphous alloys, including material
refining, tooling, and machining, surface treatment, as well as
equipment and machine building capabilities for making large parts out
of bulk metallic glass.
“Our investment in LQMT is complete and we can now fully incorporate
EONTEC’s capabilities with LQMT’s focus on production of
high-performance parts, allowing LQMT to address a broad range of market
opportunities from automotive, medical and industrial customers. I am
truly excited for the future and look forward to the possibilities,”
said Professor Li.
“Professor Li’s unique expertise in metallurgical and materials
engineering and manufacturing is a substantial resource for the
company’s Board of Directors and its vision and direction. Professor Li
is exceptionally qualified to take on the role of Chairman and I look
forward to supporting him and the Board for future success.” said Mr.
Mahamedi.
Mr. Steipp, Company’s CEO, added; “The closing of the financing
transaction and collaboration with EONTEC will provide us with the
platform and resources necessary to establish Liquidmetal as a global
force in the revolutionary amorphous alloy solutions and to fast-track
the market development of its core technologies. EONTEC and Liquidmetal
each bring significant capabilities to this partnership and we look
forward to an exciting 2017 and beyond. ”
For more information, please refer to our Form 8-K describing the
transaction filed with the Securities and Exchange Commission on October
27, 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/20161027006467/en/
Source: Liquidmetal Technologies, Inc.
Liquidmetal Technologies, Inc.
Otis Buchanan
Media Relations
1-949-635-2120
otis.buchanan@liquidmetal.com
