ICOP Announces Registered Direct Offering of Common Stock and Warrants
January 29 2010 - 9:22AM
Marketwired
ICOP Digital, Inc. (NASDAQ: ICOP), an industry-leading company
engaged in advancing digital surveillance technology solutions,
today announced that it has entered into a definitive agreement
with two institutional investors to raise gross proceeds of
approximately $1.34 Million, before placement agent's fees and
other offering expenses, in a registered direct offering.
Under the terms of the transaction, ICOP will sell 3,500,000
shares of its common stock for $0.3833 per share. The Company will
also issue Series 1 Warrants to purchase up to 3,500,000 shares of
common stock in the aggregate for $0.42 per share, which will be
exercisable for a period of 5 years beginning 6 months and 1 day
after issuance; and Series 2 Warrants to purchase up to 1,232,580
shares of common stock in the aggregate for $0.3833 per share,
which will be exercisable at any time on or after the date of
issuance for a period of 90 business days. Each of the warrants
also contains "full ratchet" anti-dilution protection.
The closing of the offering will occur on or before February 3,
2010.
Chardan Capital Markets, LLC acted as the sole placement agent
for this transaction.
The securities described above are being offered by ICOP
pursuant to a registration statement on Form S-3 previously filed
and declared effective by the Securities and Exchange
Commission.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About ICOP Digital, Inc. ICOP Digital,
Inc. (NASDAQ: ICOP) is a leading provider of in-car video and
mobile video solutions for Law Enforcement, Fire, EMS, Military,
and Transportation markets, worldwide. ICOP solutions help the
public and private sectors mitigate risks, reduce losses, and
improve security through the live streaming, capture and secure
management of high quality video and audio. www.ICOP.com
Forward-Looking Statements This document
contains forward-looking statements. You should not rely too
heavily on forward-looking statements because they are subject to
uncertainties and factors relating to our operations and business
environment, all of which are difficult to predict and many of
which are beyond our control. The Company may experience
significant fluctuations in future operating results due to a
number of economic, competitive, and other factors, including,
among other things, our reliance on third-party manufacturers and
suppliers, government agency budgetary and political constraints,
new or increased competition, changes in market demand, and the
performance or reliability of our products. This, plus other
uncertainties and factors described in our most-recent annual
report and our most-recent prospectus filed with the Securities and
Exchange Commission, could materially affect the Company and our
operations. These documents are available electronically without
charge at www.sec.gov.
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For more information, contact: Melissa K. Owen Dir. of
Communications 16801 West 116th Street Lenexa, KS 66219 USA Phone:
(913) 338-5550 Fax: (913) 312-0264 Email Contact www.ICOP.com For
Investor Relations: DC Consulting, LLC Daniel Conway Chief
Executive Officer Phone: (407) 792-3332 Email Contact Email
Contact
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