CANANDAIGUA, N.Y., May 9, 2013 /PRNewswire/ -- Plures
Technologies, Inc (MANY) a leading foundry-based MEMS sensor and
spintronics company, today announced the completion of a
capital raise with total gross proceeds of approximately
$5 million. A sophisticated
specialty finance lender that focuses on growing technology based
companies led the financing with a total commitment of
approximately $2 million in the form
of a secured term loan. Current Plures shareholders,
including RENN Capital and Cedarview Capital, along with each
member of the management team invested approximately $3 million in the form of convertible
notes. The proceeds will be used for general corporate
purposes, including working capital and marketing of the company's
revolutionary magnetometer products.
"I am pleased to announce this new financing into Plures,"
commented Glenn Fricano, President
of Plures Technologies, Inc. "In addition, I'd like to
express my appreciation to our current and new investors, including
RENN Capital and Cedarview Capital, for their continued vote of
confidence in our business model. Plures is well-positioned
to grow significantly in 2013, and with the completion of this
financing the company now has a clear path to be able to introduce
our transformative magnetometer and MEMS based products."
The transaction closed and has been approved by Plures' board of
directors. The company will provide a more detailed
description of the terms and conditions of the transaction in a
Current Report on Form 8-K to be filed with the SEC.
About Plures Technologies, Inc.
Plures
Technologies Inc., based in Canandaigua,
NY, and its subsidiary Advanced Microsensors, based in
Shrewsbury, MA, is a leading MEMS
sensor and switch company focused on foundry products as well as
high-sensitivity magnetoresistive proprietary
products.
Contacts:
David Smith
1-585-230-5171
drsmith.mail@gmail.com
Glenn Fricano
1-631-834-5065
Glenn.Fricano@plurestech.com
SOURCE Plures Technologies, Inc.