NEW YORK, May 22, 2017 /PRNewswire/ -- First Capital
Real Estate Trust Incorporated, a Maryland real estate investment trust (REIT),
today announced that it has closed the initial phase of the
transactions (the Initial Closing) contemplated in its March 31, 2017 Interest Contribution Agreement
with PhotoMedex, Inc., a Nevada
corporation (NASDAQ, CM and TASE: PHMD), and certain affiliated
entities. In exchange for contributing various real property
interests, First Capital was issued 879,234 shares of PhotoMedex
common stock and 123,668 shares of newly designated non-voting
PhotoMedex Series A Preferred Stock. The Series A Preferred
Stock is convertible into shares of PhotoMedex common stock at a
ratio of 25 shares of PhotoMedex common stock for each share of
Series A Preferred stock. The convertibility of the Series A
Preferred Stock is subject to a number of conditions, including the
prior approval by the stockholders of PhotoMedex in accordance with
the applicable rules of NASDAQ and the SEC. The PhotoMedex
common stock issued to First Capital represented approximately
19.9% of the outstanding voting power of PhotoMedex immediately
before the issuance.
In connection with the Initial Closing, Suneet Singal, Chief Executive Officer of First
Capital, was also appointed as Chief Executive Officer of
PhotoMedex and became a member of its board of directors.
Stephen M. Johnson resigned as Chief
Financial Officer of First Capital to become chief financial
officer of PhotoMedex.
"The closing of this initial transaction with PhotoMedex
represents an important milestone for First Capital," said Mr.
Singal. "We remain committed to advancing our core strategy
to create value and deliver a path to liquidity for our
investors."
For additional information about the transaction, please see
First Capital's Current Report on Form 8-K filed with the SEC on
April 3, 2017, which is available on
First Capital's website (www.firstcapitalre.com) and at the SEC's
website at www.sec.gov. The Interest Contribution Agreement
was filed as an exhibit to that Current Report on Form 8-K.
First Capital will also file a Current Report on Form 8-K with the
SEC relating to the Initial Closing.
About First Capital
First Capital Real Estate Trust
Incorporated is a public non-traded REIT based in New York City and founded in 2012.
Forward-Looking Statements
This press release contains
statements that do not relate to historical facts, but are
"forward-looking statements" within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These statements can generally (although not always) be
identified by their use of terms and phrases such as anticipate,
appear, believe, continue, could, estimate, expect, indicate,
intend, may, plan, possible, predict, project, pursue, will, would
and other similar terms and phrases, as well as the use of the
future tense. Forward-looking statements are neither
historical facts nor assurances of future performance.
Instead, they are based only on current beliefs, expectations and
assumptions regarding the future of the business of First Capital
or PhotoMedex, as applicable, future plans and strategies,
projections, anticipated events and trends, the economy and other
future conditions. Because forward-looking statements relate
to the future, they are subject to inherent uncertainties, risks
and changes in circumstances that are difficult to predict and many
of which are outside of First Capital's control. Actual
results and financial condition may differ materially from those
indicated in the forward-looking statements. Therefore, you
should not rely on any of these forward-looking statements.
Forward-looking statements in this press release speak only as of
the date hereof, and forward-looking statements in documents
incorporated by reference speak only as of the date of those
documents. Unless otherwise required by law, First Capital
undertakes no obligation to publicly update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise.
Examples of forward-looking statements in this release include
statements regarding the approval by PhotoMedex's stockholders of
the convertibility of the Series A Preferred Stock and First
Capital's ability to achieve its core strategy to create value and
deliver a path to liquidity for its investors.
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visit:http://www.prnewswire.com/news-releases/first-capital-contributes-real-estate-interests-to-photomedex-300461762.html
SOURCE First Capital Real Estate Trust Incorporated