Liquidmetal® Technologies Inc. (OTCBB: LQMT)
today announced that it has reached an agreement with Visser
Precision Cast, LLC (VPC), a subsidiary of Furniture Row, LLC to provide
manufacturing services to Liquidmetal. VPC is based in Colorado.
As part of this strategic agreement, VPC will provide mold and
manufacturing technologies to Liquidmetal and its Certified Liquidmetal
Partners to ensure that customers will be provided consistently
high-quality products and support services. VPC agreed to make certain
equity and debt investments in Liquidmetal Technologies, LLC. In
particular, VPC purchased 20 million shares of Liquidmetal common stock
on June 1, 2012 and agreed to purchase 10 million shares of common stock
on June 28, 2012, all at a price of $.10 per share. VPC will also
receive warrants to purchase a total of 15 million shares of Liquidmetal
common stock at an exercise price of $.22 per share. VPC also agreed to
loan up to $2 million to Liquidmetal pursuant to the terms of a 6%
secured, convertible note in advances of $1 million each on September
15, 2012 and November 15, 2012. Amounts due under the loan may be
converted by VPC to common stock of Liquidmetal at a price of $.22 per
share. The equity and debt investments are subject to certain funding
conditions.
“Both company’s achievements exemplify a deep commitment to quality and
cutting edge technologies. We believe our agreement with Visser
Precision Cast represents the final link in our ability to provide
commercially produced Liquidmetal parts to our customer base. In many
applications, our customers find Liquidmetal to be stronger, lighter,
and more resistant to corrosion than existing machined alternatives. By
working with a technology and manufacturing provider such as VPC, we
ensure our customers of extraordinary quality and the ability to scale
production,” said Thomas Steipp, Liquidmetal President and CEO.
This press release may contain “forward-looking statements” that
involve risks and uncertainties, including statements regarding our
plans, future events, objectives, expectations, forecasts, or
assumptions. Any statement in this press release that is not a
statement of historical fact is a forward-looking statement, and in some
cases, words such as "believe," "estimate," "project," "expect,"
“intend,” “may," "anticipate," "plans," "seeks," and similar expressions
identify forward-looking statements. These statements involve
risks and uncertainties that could cause actual outcomes and results to
differ materially from the anticipated outcomes or result, and undue
reliance should not be placed on these statements. These risks
and uncertainties may include: our limited operating history in
developing and manufacturing products from bulk amorphous alloys; the
adoption of our alloys by customers; the commercial success of our
customer’s products; our ability to identify, develop, and commercialize
new applications for our alloys; competition with suppliers of incumbent
materials; the development of new materials that render our alloys
obsolete; the ability to manage our anticipated growth; our limited
direct experience in manufacturing bulk alloy products; scaling-up
manufacturing facilities; protecting our intellectual property; problems
associated with manufacturing and selling our alloys outside of the
United States; and other risks and uncertainties discussed in filings
made with the Securities and Exchange Commission (including risks
described in subsequent reports on Form 10-Q, Form 10-K, Form 8-K, and
other filings). Liquidmetal Technologies disclaims any intention
or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise.
