SOURCE: CelLynx, Inc.

January 04, 2008 15:05 ET

CelLynx Closes $2 Million Equity Financing; Company Agrees to Merge With Public Company

IRVINE, CA--(Marketwire - January 4, 2008) - CelLynx, Inc., a developer of breakthrough, plug-and-play cell phone signal-amplification technology, today announced it has signed agreements for $2 million in equity financing with a group of accredited investors.

Separately, the Company also announced it has entered into a definitive agreement to be acquired by NorPac Technologies, Inc. (OTCBB: NRPT), a Bellingham, Washington-based company with nominal operations and assets. NorPac is scheduled to acquire CelLynx in March 2008, and immediately upon closing, current CelLynx shareholders and management will assume majority and operating control of the combined company. The acquisition is subject to completion of due diligence of all parties and certain conditions including completion of the $2 million financing.

CelLynx intends to use the proceeds from the financing to advance its proprietary, patent-pending 5BARz™ technology from its current prototype stage to commercialization -- which it targets reaching by year-end 2008 -- as well as for general corporate purposes. CelLynx has closed on $200,000 of these financings and has agreements for the balance of $1.8 million to be funded in stages through March 2008.

About CelLynx, Inc.

Headquartered in Irvine, California, CelLynx develops and manufactures breakthrough, plug-and-play cell phone signal amplification technology.

CelLynx has developed a product designed to boost cellular signal strength inside a home or office simply by plugging in a single-piece "enhancer" unit next to a window. Unlike competing technologies, CelLynx's patent pending 5BARz™ technology does not require any installation, outside antennas or cables. It capitalizes on widespread customer dissatisfaction with indoor and vehicular cell phone coverage, and on the phenomenal worldwide growth of voice, data and video applications on cellular networks.

CelLynx technology is covered by worldwide patent applications, and is currently in pre-production prototype stage. CelLynx believes its technology represents a breakthrough in cellular signal amplification as the only technology designed to offer superior performance in an off the shelf plug-and-play unit -- one that will be open platform from GSM to CDMA, and that can be mass produced and marketed worldwide at competitive prices. CelLynx is led by an exceptional team of accomplished, veteran industry professionals. Early CelLynx investors include Irvine, CA-based Palomar Ventures. For more information, see www.cellynx.com.

Forward-Looking Statement

This news release includes forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The Company's operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ include without limitation: uncertainty on whether the Company will complete a merger transaction; whether the Company's technology will reach commercialization, the Company's limited operational experience; requirement for and ability to raise capital; market acceptance of the Company's products; dependence on suppliers and other key vendors or partners; continued enforceability of patent rights; and competition. In the event the Company is acquired by a public company, many of these risk factors will then be set forth in its periodic filings with the U.S. Securities and Exchange Commission.

Contact Information

  • Company Contact:
    Tareq Risheq
    CEO
    Tel: 949.702.2701
    Email: Email Contact