Smart Glass Company Research Frontiers Raises $2.5 Million In New Capital For Expansion
WOODBURY, N.Y., Sept. 17, 2010 (GLOBE NEWSWIRE) -- A group of accredited investors has invested $2.5 million in Research Frontiers Inc. (Nasdaq:REFR), the developer and licensor of patented SPD-Smart™ light-control film technology. The investors received 641,026 shares of Research Frontiers common stock at a price of $3.90 per share, which was the average market price of Research Frontiers stock on September 15, 2010, the day the transaction was priced. In addition, the investors in this stock offering received 128,205 five-year warrants to purchase Research Frontiers common stock at a price of $6.25 per share. These securities were sold pursuant to Research Frontiers' effective shelf-registration statement filed with the SEC.
Joseph M. Harary, President and CEO of Research Frontiers, noted: "This investment and its timing make perfect sense to those that follow the smart glass industry in general, and Research Frontiers and our leading SPD-Smart light-control technology in particular. With business activity in the SPD industry expanding at Research Frontiers and especially at our larger licensees, more projects being announced or recently completed using our SPD-SmartGlass technology, and some very highly visible products using our technology currently planned to be launched internationally, we are adding resources and people, especially in the sales, marketing, and business development areas. We are moving at light speed."
Mr. Harary continued: "I also thank our shareholders and the investors in this round of financing for their continued support as we grow our business and the SPD-Smart products industry. These investors include people who participated in our prior financing rounds, and internationally-known architects, and owners, operators and developers of some of the world's largest and most prestigious buildings. Their participation is part of a growing awareness of the benefits that SPD-SmartGlass technology brings. Independent data shows that SPD-SmartGlass technology can be used to make the highest-performing and most energy-efficient windows in the world. Architects, engineers, designers and new product developers are also beginning to utilize these and other benefits including energy savings from solar heat gain control and management, reduction of interior lighting costs due to enhanced daylight harvesting, and increased comfort, safety, functionality, protection from harmful UV radiation, and security."
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