BVR Technologies Successfully Completes an Additional $2.3M of
New Equity Financing
Announces New Additions to Board of Directors
TEL AVIV, Israel, April 22 /PRNewswire-FirstCall/ --
BVR Technologies Ltd.
(BULLETIN BOARD: BVRTF) , a global provider of end-to-end cross-media
integration for "seamless computing", today announced it has finalized the sale
of 22,5000,000 shares of common stock for $2,250,000 in a private placement to
a group of institutional investors.
In addition, the Company issued to the investors Class A, B and C purchase
warrants, each of which is exercisable to purchase an equivalent number of
shares of common stock as were purchased by that investor in the private
placement. The per share warrant exercise prices are: $.20 for the A warrant;
$.35 for the B warrant and $.50 for the C warrant.
"Our ability to secure additional working capital through the successful
completion of this private equity placement, underscores confidence in our new
approach of end-to-end content integration," said Prosper Abitbol, Chairman and
CEO of the Company. "The net proceeds from this offering will provide the
necessary working capital to secure future large scale programs and continue
the growth of our company."
All warrants are first exercisable on the earlier of 65 days after the closing
of the private placement transaction or the actual date that a registration
statement registering the investors' shares has been declared effective by the
SEC. The A warrants will be exercisable until approximately eight (8) months
after effectiveness of that registration statement. Each of the B warrants and
C warrants are exercisable until a date approximately thirty-six (36) months
after the closing of the private placement. All warrants are subject to
certain limitations on their exercise. In addition, a C warrant may be
exercised only to the same proportion as the holder has actually exercised an A
warrant. The Company has agreed to file a registration statement to register
the shares (including the warrant shares) for resale by the investors.
BVR announced the appointment of three independent directors to its Board.
Joining Prosper Abitbol, Chairman and CEO and Adam Ofek, President of BVR, are:
Michel Habib, Director of Business Development for Elron (NASDAQ:ELRN); Stephen
J. Kohn, Managing Partner of Presidio Strategic Finance, was among other
position National Director of the US Financial Services and Global Consulting
practices at Ernst & Young; and Jerry Cahn, Founder and Chief Executive of
Presentation Excellence, a full-service presentation-related consulting firm
based in New York.
"Our independent Directors will enable the Board to intelligently guide and
strengthen our Company. Their expertise in global financing and the IT/Telecom
industry is of great value in the context of BVR's global business activities
and long-term growth objectives," said Mr. Abitbol.
In addition, BVR announced that it intends to change its name to Technoprises
Ltd. as soon as the necessary governmental filings are completed.
About BVR Technologies Ltd.
BVR's subsidiary, TechnoCross Ltd., is a global provider of end-to-end
cross-media integration for "seamless computing." TechnoCross was formed
through the strategic roll-up of companies to optimize synergies of their
respective businesses. TechnoCross has seven patent applications -- six are
pending and one was approved in 2003; it also has the exclusive license rights
to a patent for InfoStyle -- a technology to distribute targeted media to
customers based on a profile of up to 28 unique ways of processing information.
The Company's other subsidiaries are TCM, which includes Watchow and TVgate,
and Coresma. For more information visit, http://www.technoprises.com/ or
http://www.tcrossmedia.com/.
Safe Harbor
This press release may contain forward-looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are based on the current expectations of
the management of BVR Technologies only, and are subject to a number of factors
and uncertainties that could cause actual results to differ materially from
those described in the forward-looking statements. The following factors, among
others, could cause actual results to differ materially from those described in
the forward-looking statements: changes in technology and market requirements;
decline in demand for BVR's affiliates' products; inability to timely develop
and introduce new technologies, products and applications; loss of market share
and pressure on pricing resulting from competition, which could cause the
actual results or performance of BVR to differ materially from those
contemplated in such forward-looking statements. BVR Technologies undertakes no
obligation to publicly release any revisions to these forward-looking
statements to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events. For a more detailed description
of the risk and uncertainties affecting BVR, reference is made to BVR's reports
filed from time to time with the Securities and Exchange Commission.). This
press release is available at http://www.technoprises.com/ and
http://www.portfoliopr.com/.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy the securities, nor shall there be any sale of the securities
in any state in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of such states.
Any offering of the securities under the resale registration statement will
only be by means of a prospectus.
DATASOURCE: Technoprises Ltd.
CONTACT: Adam Ofek, President of BVR Technologies Ltd.,
+972-54-6-207050, New Global Cell, ; or Jerry Cahn,
, or Dahlia Bailey, , both of
PortfolioPR, +1-212-736-9224, for BVR Technologies Ltd.
Web site: http://www.technoprises.com/
http://www.tcrossmedia.com/