5Barz, Inc (BARZ) shares climb on news of private placement deal
Posted on: April 4th, 2011Written by:
5Barz, Inc. (OTCBB: BARZ) enjoyed a 2.7 percent boost in share prices, reaching $1.52 over Friday’s closing price of $1.48 after announcing today that the Company has completed a private placement of 1,000,000 common shares. Monday’s volume of 252,942 for the Mission Viejo, California-based technology company skyrocketed two-and-a-half times beyond average daily volume of 99,253.
5Barz reported today that the Company had recently closed a private placement of 1,000,000 common shares at a price of $1.00 per share for aggregate proceeds of $1,000,000 (one million USD). The shares are to be purchased in full by a European institutional investor.
The Company issued the securities pursuant to a Regulation “S” exemption from registration for resale. Further, there are no warrants attached to the private placement. Proceeds of the private placement will be used for further corporate acquisitions and general working capital.
Daniel Bland 5BARz President and CEO commented on the recent transaction, stating, “We are very excited to begin the process of realizing our business objectives in commercializing the 5BARz cellular network extender technology. This first major investment will help further our operational plans and will position 5BARz International to realize meaningful growth over the near and long term.”
5Barz International, Inc. is the exclusive worldwide distributor of 5BARz Cellular Network Extender products developed by Cellynx, which were recently awarded the International CES Innovations 2010 Design and Engineering Awards. The Company’s patent pending products provide the first, plug and play, consumer electronic product that will capture cell signal, amplify it and resend that signal all within a device the size of a clock radio.
