SOURCE: PFO Global

PFO Global

December 10, 2015 12:33 ET

Hillair Capital Exercises Purchase Right Resulting in Additional $1,875,000 Aggregate Investment in PFO Global

IRVING, TX--(Marketwired - Dec 10, 2015) -  PFO Global, Inc. (OTCQB: PFGB), the innovative manufacturer and commercial provider of advanced prescription lenses, finished eyewear and vision technologies, today announced Hillair Capital Investments L.P. ("Hillair Capital") has elected to partially exercise its right to invest up to an additional $4.0 million in the company.

Pursuant to the securities purchase agreement with Hillair Capital dated June 30, 2015, Hillair Capital has the right to invest up to $8.0 million in PFO Global. Hillair Capital's initial subscription was for $4 million, which was invested on July 1, 2015. Subsequently, Hillair Capital has subscribed for an additional aggregate $1.875 million resulting in an investment to date of $5.875 million, with the current option of investing an additional approximate $2.125 million. 

In exchange for such follow-on financing, the Company issued an aggregate of $2.1 million in principal amount of 8% original issue discount senior secured convertible debentures to Hillair Capital as well as five year warrants to purchase an aggregate of 1,050,000 shares of its common stock. Dawson James Securities was the sole placement agent for the transaction.

Rudolf Suter, President and CEO of PFO Global, Inc., said, "We're pleased that our financing partner Hillair Capital has elected to invest additional money into the company at an important time in our evolution. We remain cautiously optimistic that their additional investment combined with recent sales traction and recently announced strategic cost cutting initiatives, have the potential of further advancing us towards our goal of reaching near term cash flow positive." 

About PFO Global

PFO Global is an innovative manufacturer and commercial provider of advanced prescription lenses, finished eyewear and vision technologies targeted for the global optometrists marketplace. PFO Global's uniquely interactive manufacturing, fulfillment and proprietary online ordering systems combine with its eyewear lens product lines intended to meet the broad array of eyewear markets, from the independent eye care professional offices to finished eyewear products for US Healthcare Entitlement Programs, such as Medicaid and Medicare.

Safe Harbor Statement

Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

Contact Information

  • CONTACT INFORMATION
    Investor Relations:
    PFO Global Inc.
    Rudolf Suter
    817-251-4333