GlassesOff Inc. (OTCBB:GLSO) a neuroscience technology company, today
announced that is has secured a committed equity financing facility
under which it may sell up to $15 million of its shares of common stock
to YA Global Master SPV Ltd. over a period of up to 36-months.
GlassesOff is not obligated to use the facility and remains free to
enter into and consummate other financing transactions.
“This type of facility can potentially serve as a cost effective
alternative for us to raise capital going forward and potentially
increase our stock’s liquidity,” said Nimrod Madar, CEO of GlassesOff.
“We believe it is prudent for us to put this facility in place while
keeping our financing options open as we go forward. With the recent
launch of the GlassesOff™ Android app, we are very happy to
secure this significant financing facility which could assist in funding
our planned initiation of a global marketing and advertising campaign
for our products.”
GlassesOff has agreed, as a condition to drawing on the facility, to
file with the SEC a registration statement to register the resale by YA
Global Master SPV Ltd. of shares issued to it under the facility.
GlassesOff will determine, at its sole discretion, the timing and dollar
amount of draws under the financing facility.
The securities offered to YA Global Master SPV Ltd. under the equity
financing have not been registered under the Securities Act of 1933, as
amended, or any state securities laws, and may not be offered or sold in
the United States absent registration or an applicable exemption from
registration requirements. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy any securities.
For further information visit www.glassesoff.com
About GlassesOff™
GlassesOff Inc. (OTCBB: GLSO) is a public company developing and
commercializing next generation vision sharpness applications.
GlassesOff has developed a proprietary, patent-protected technology
platform to improve near vision sharpness, through exercise, by
improving the image processing function in the visual cortex of the
brain, without changing the optical characteristics of the eye. The
GlassesOff™ product aims to eliminate the dependency on
reading glasses of people over the age of 40 who experience natural
age-related changes in their near vision sharpness. The GlassesOff™
product is available for iOS devices (iPhone/iPad/iPod) and Android
devices. The GlassesOff™ product was named one of the top
Emerging Breakthroughs in Science and Technology for 2013 by Reader’s
Digest Magazine. For more information, visit www.glassesoff.com..
Safe Harbor Statement: This press release contains
forward-looking statements, which may be identified by words such as
“expects,” “plans,” “projects,” “will,” “may,” “anticipates,”
“believes,” “should,” “would,” “intends,” “estimates,” “suggests,” “has
the potential to” and other words and phrases of similar meaning,
including statements regarding the results of effectiveness of
GLASSESOFF’s applications. Investors are cautioned that
forward-looking statements involve risks and uncertainties that may
affect GLASSESOFF’s business and prospects, including the risks that
GLASSESOFF may not succeed in generating any revenues or developing any
commercial products, that the products may not achieve the expected
results or effectiveness, and other risks and uncertainties that may
cause results to differ materially from those set forth in the
forward-looking statements. In addition to the risk factors described
above, investors should consider the economic, competitive,
governmental, technological and other factors discussed in GLASSESOFF’s
filings with the Securities and Exchange Commission. The
forward-looking statements contained in this press release speak only as
of the date the statements were made, and we do not undertake any
obligation to update forward-looking statements, except as required
under applicable law.
Copyright Business Wire 2014