BRSI Announces Equity Infusion
March 02 2004 - 10:14AM
PR Newswire (US)
BRSI Announces Equity Infusion SOUTH ST. PAUL, Minn., March 2
/PRNewswire-FirstCall/ -- Ballistic Recovery Systems, Inc.
(BULLETIN BOARD: BRSI) ( BRSparachutes.com ) announced that Cirrus
Design Corporation ("Cirrus") exercised common stock warrants to
acquire 500,000 shares of the Company's Common Stock for an
aggregate exercise price of $562,500. The warrants were issued to
Cirrus as part of a Purchase and Supply Agreement signed between
the companies in September 1999. The 500,000 shares of restricted
Common Stock represent 7.4% of the total outstanding shares of BRSI
common stock, and do not have registration rights. After exercise
of such warrants, Cirrus retains one warrant to acquire 650,000
shares of Common Stock at an exercise price of $1.25 per share. The
exercise period for this warrant expires February 28, 2005 and is
contingent upon the Company supplying a certain number of units to
Cirrus in 2004. CEO Mark Thomas said, "The Board of Directors is
pleased that Cirrus has taken this step in exercising their
warrants. We believe that this action demonstrates the trust that
Cirrus has placed in BRS as a supplier and partner." Cirrus is a
significant customer for BRS whole-aircraft emergency parachute
systems, which are a standard equipment feature on both models of
the Cirrus general aviation aircraft. In addition to its work with
Cirrus, BRS has an extensive product line of emergency parachute
systems for other general aviation and recreational aviation
aircraft. BRS designs, manufactures and distributes whole-aircraft
emergency parachute systems for use on general aviation and
recreational aircraft. Since the early 1980s, BRS has delivered
over 18,000 parachute systems to aircraft owners around the world
including over 1,300 systems on certified aircraft. Actual
documented uses of these systems are credited with saving the lives
of 159 persons through December 2003. The matters discussed here
may be considered forward-looking statements, which may be subject
to risks and uncertainties, including market fluctuations, pricing,
procurement, manufacturing efficiencies, and other risks, that
could cause the actual results to differ materially from those
projected. For more information review the company's filings with
the Securities and Exchange Commission, particularly the company's
annual report on Form 10-KSB. DATASOURCE: Ballistic Recovery
Systems, Inc. CONTACT: Mark B. Thomas, President & CEO of
Ballistic Recovery Systems, Inc., +1-651-457-7491 Web site:
http://www.brsparachutes.com/
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