Tel-Instrument Electronics Corp. Completes $1 Million Financing
October 09 2018 - 8:30AM
Business Wire
Tel-Instrument Electronics Corp. (“Tel”, “Tel-Instrument” or the
“Company”) (NYSE American: TIK), a leading designer and
manufacturer of avionics test and measurement solutions, today
announced that it has completed a $1 million financing transaction.
The Company issued an additional $1 million of Series B Preferred
Stock in a private placement. This preferred stock includes an 8%
dividend rate and will be convertible into shares of common stock
at a price of $2.00 per share. The Company has the ability to
repurchase these shares of preferred stock after a period of
three-years.
Mr. Jeffrey O’Hara, President and CEO of Tel, stated, “After a
difficult year and a half, we are pleased to have raised an
additional $1 million of equity financing. This will enable us to
capitalize on several multi-million contracts that we expect to
receive this quarter and to finance the sharp growth in revenues
and profitability that we believe to be impending. These funds will
also help shore up our balance sheet as well as enabling us to
continue development of our new SDI Omni Hand-held test set. The
Company believes that it is poised for strong financial results and
we appreciate the confidence of our shareholders.”
About Tel-Instrument Electronics
Corp.
Tel-Instrument is a leading designer and manufacturer of
avionics test and measurement solutions for the global commercial
air transport, general aviation, and government/military aerospace
and defense markets. Tel-Instrument provides instruments to test,
measure, calibrate, and repair a wide range of airborne navigation
and communication equipment. For further information please visit
our website at www.telinstrument.com.
This press release includes statements that are not historical
in nature and may be characterized as “forward-looking statements,”
including those related to future financial and operating results,
benefits, and synergies of the combined companies, statements
concerning the Company’s outlook, pricing trends, and forces within
the industry, the completion dates of capital projects, expected
sales growth, cost reduction strategies, and their results,
long-term goals of the Company and other statements of
expectations, beliefs, future plans and strategies, anticipated
events or trends, and similar expressions concerning matters that
are not historical facts. All predictions as to future results
contain a measure of uncertainty and, accordingly, actual results
could differ materially. Among the factors which could cause a
difference are: changes in the general economy; changes in demand
for the Company’s products or in the cost and availability of its
raw materials; the actions of its competitors; the success of our
customers; technological change; changes in employee relations;
government regulations; litigation, including its inherent
uncertainty; difficulties in plant operations and materials;
transportation, environmental matters; and other unforeseen
circumstances. A number of these factors are discussed in the
Company’s previous filings with the U.S. Securities and Exchange
Commission. The Company disclaims any intention or obligation to
update any forward-looking statements as a result of developments
occurring after the date of this press release. The safe harbor for
forward-looking statements contained in the Securities Litigation
Reform Act of 1995 (the “Act”) protects companies from liability
for their forward-looking statements if they comply with the
requirements of the Act.
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version on businesswire.com: https://www.businesswire.com/news/home/20181009005259/en/
Tel-Instrument Electronics Corp.Joseph P. Macaluso,
201-933-1600
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