Nov 28 2007
Laser Energetics, Inc. announced today that the toxic convertible debentures that the Company previously issued to Cornell Capital Partners LP (now known as YA Global Investments) have been paid in full. The Company no longer owes any money to Cornell. As of today's announcement, the Company has approximately 210,732,554 shares of common stock outstanding.
Robert D. Battis, Chairman and Chief Executive Officer of Laser Energetics, stated, "We would like to thank Cornell for providing financing at a time when financing was a difficult proposition. However, times have changed. We are now generating important orders, and are commercializing our intellectual property. In addition we're negotiating joint venture agreements, and are poised for dramatic growth because of pending military and homeland security contracts. As a result, we have more beneficial and advantageous sources of financing available to us. We are very excited to convey this happy news to our shareholders."
Battis continued, "We can now focus our energies on developing our business. Our BrightStar(TM) Alexandrite laser technology has gained a lot of attention from the defense industry. We're currently working with several large contractors to identify new and additional applications for the technology. We expect to be in a position to make several announcements regarding these developments in the very near future."