Color Imaging Completes Private Placement of Nearly $6 Million
Press release from the issuing company
ATLANTA, Jan. 15, 2002 - Color Imaging, Inc. reports that it has raised financing of $5,815,420, including $3,815,420 from a private placement which closed on December 26, 2001. Previously disclosed, on October 31, 2001, was an agreement to sell 1,000,000 shares of common stock at $2.00 per share to a nonaffiliated investment firm. The earlier agreement provided that a registration statement covering such shares must be filed with the Securities and Exchange Commission within 60 days.
Subsequently, on December 28, 2001, a Form SB-2 was filed with the Securities and Exchange Commission to register all of the shares sold in the two transactions. The total number of shares currently outstanding is 11,125,000.
Color Imaging develops and manufactures consumable products used in laser printers, analog and digital copiers and supplies complete printing systems for commercial printers. Consumable products include black text, color and specialty toners, including MICR (magnetic ink characters that are printed on checks and other financial documents). A complete printing system that installs directly on existing offset presses is provided for the commercial printer. The system expands conventional offset printing capabilities to include the printing of unlimited computer-driven variable data, including images, bar codes, MICR, and alphanumeric sequences.
These functions address the needs of the commercial printers for the digital processing and printing of variable data at extremely high speeds and eliminates all conventional prepress processes, such as the preparation of printing plates and mixing of inks.
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