Wed, 16/07/2014 - 14:07
Beamz Interactive has raised USD1 million of private funding from selected accredited investors at a price of USD0.05 per unit.
Each unit consists of one share of restricted common stock and one three-year warrant with an exercise price of USD0.05.
The offering was led by management, who invested USD400,000 of the total financing amount. The net proceeds of the financing will be used primarily for sales and marketing purposes.
"We are very pleased with the completion of this financing," says Charlie Mollo, chief executive officer of Beamz Interactive. "It allows us to focus on key sales and marketing initiatives to execute our business plan – particularly within the education and healthcare market segment where our products are being well received. With the recent launch of our new products and interactive music apps, as well as our 15 new worldwide reseller and partner distribution agreements, we are well positioned to pursue this multi-billion dollar market opportunity."
Chardan Capital Markets acted as the exclusive placement agent on this transaction.
The Beamz interactive music system is now included in hundreds of schools, senior centres, and health care facilities throughout the world. Beamz Interactive helps children and individuals of all abilities and those recovering or rehabilitating interact with music and elevate their ability to focus and achieve various therapeutic benefits.
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