Liquidmetal® Technologies Adds Visser Precision Cast as its Contract Manufacturer
June 05 2012 - 4:30PM
Business Wire
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.
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