Audio Pixels Holdings Limited Announces Successful Completion of
Private Placement
SYDNEY, Dec. 20, 2012 /PRNewswire/ -- Audio Pixels
Holdings Limited (ASX: AKP and OTCQX: APDXY) is pleased to announce
that it has completed a successful private placement of 1,117,022
ordinary shares raising AUD5,585,110 from institutional and
sophisticated investors. The placement was made at AUD5.00 per
share by the Company.
The funds raised by the placement will be used towards:
- Working capital
- Discharge of bank borrowings
- Continued investment in the development of its Digital Speaker
project
- Development of marketing programs
The value and timing of this placement goes beyond supporting
our operations as it enables management to preserve the Company's
strategic independence throughout critical negotiations with
strategic partners.
Interests associated with the Chairman, Mr Fred Bart, have agreed to take up a further
200,000 shares at AUD5.00 (AUD1m) subject to shareholder approval
at a general meeting to be called in the New Year.
Secondary Trading Exemption
The Corporations Act restricts the on-sale of securities issued
without disclosure, unless the sale is exempt under section 708 or
708A. By the Company giving this notice, the sale of the Securities
noted above will fall within the exemption in section 708A(5) of
the Act.
The Company hereby notifies ASX under paragraph 708A(5)(e) of
the Act that:
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a)
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The
Company issued the Securities without disclosure to investors under
Part 6D.2 of the Act;
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b)
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As
at 20 December 2012 the Company had complied with the provisions of
Chapter 2M of the Act as they apply to the Company, and section 674
of the Act; and
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c)
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As
at 20 December 2012 there is no information:
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i.
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That has
been excluded from a continuous disclosure notice in accordance
with the ASX Listing Rules; and
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ii.
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That
investors and their professional advisers would reasonably require
for the purpose of making an informed assessment of:
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A.
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The assets
and liabilities, financial position and performance, profits and
losses and prospects of the Company; or
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B.
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The rights
and liabilities attaching to the securities.
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About Audio Pixels Holdings Limited
Audio Pixels Holdings Limited is a company listed on the
Australian Stock Exchange with the code AKP and has its ADR's
listed on the OTCQX market in the USA with code ADPXY. Audio Pixels Holdings
Limited owns 100% of Audio Pixels Limited, an unlisted Israeli
corporation that was founded in July
2006 and has developed a revolutionary technological
platform for reproducing sound, thus enabling the production of an
entirely new generation of speakers that will exceed the
performance specifications and design demands of the world's top
consumer electronics manufacturers.
Audio Pixels patented technologies employ entirely new
techniques to generate sound waves directly from a digital audio
stream using low cost micro-electromechanical structures (MEMS)
rather than conventional loudspeaker elements. This innovation
enables the production of speaker products that deliver performance
that is many orders of magnitude better than conventional speaker
technologies, all in an affordable package that is only one
millimetre thick.
Audio Pixels MEMS-based Digital Sound Reconstruction platform
enables the market for audio speakers to follow the evolution of
the video display market from large, heavy analog tube based
monitors to the digital flat panel displays of today. Driving the
rationale for change in audio speakers is the ever-increasing
demand for smaller, thinner, clearer sounding, more power-efficient
speakers. Conventional speaker technologies remain deeply rooted in
the original voice coil inventions of Alexander Graham Bell. The inherent limitations
of such speakers prohibit the delivery of quality sound in smaller
packages. Audio Pixels innovative patents in the fields of
electromechanical structures, pressure generation, acoustic wave
generation and control, signal processing and packaging, combine to
forever change this paradigm.
Market research overwhelmingly suggests that both manufacturers
and consumers alike are starving for real innovation in audio
speakers, in particular for good quality sound in a form factor
that is far more compliant with current device and lifestyle
trends. While the industry at large has been able to digitize and
shrink all other device electronics, the last remaining barrier is
the speaker, which remains large, heavy, bulky and extremely
restrictive.
Upon achieving mass production capabilities Audio Pixels plans
to sell and/or license its products to the manufacturers of
speakers and consumer electronic devices worldwide, which
collectively consume billions of speaker units annually. Audio
Pixels will produce and sell a single type of silicon chip that can
be used either as a standalone speaker or cascaded in any multiples
of the same chip in order to achieve the desired performance
specifications. This modular paradigm is entirely unique to the
audio industry, which today expends significant resources designing
and specifying new drivers, acoustic chambers and drive electronics
for each new device. Audio Pixels innovative approach not only
facilitates maximum flexibility to its customers, it further
enables the customer to calibrate on the design and production of a
singular product model, maximizing economies of scale, while
limiting overhead associated with multiple versions of
products.
Management maintains active exchange with industry leading
companies spanning a broad cross section of the MEMS and consumer
electronic industries. Audio Pixels has already demonstrated the
technology to potential customers and strategic partners.
Forward-looking statements
This release may contain certain forward-looking statements with
respect to the financial condition, results of operations and
business of AKP and certain of the plans and objectives of AKP with
respect to these items. By their nature, forward-looking statements
involve risk and uncertainty because they relate to events and
depend on circumstances that will occur in the future and there are
many factors that could cause actual results and developments to
differ materially from those expressed or implied by these
forward-looking statements.
Audio Pixels Holdings Limited
ACN 094 384 273
Suite 2, Level 12, 75 Elizabeth St,
Sydney NSW 2000 Australia
Phone: +61-2-9233-3915
Fax: +61-2-9232-3411
Email: iadennis@bigpond.net.au
SOURCE Audio Pixels Holdings Limited