SOURCE: Novint Technologies

June 16, 2008 06:00 ET

Novint Closes $5.2 Million Investment Round

Investment Will Fund Company's Continued Acquisition of AAA Game Titles for Award-Winning Falcon Controller

ALBUQUERQUE, NM--(Marketwire - June 16, 2008) - Novint Technologies, Inc. (OTCBB: NVNT), the pioneer of 3D touch for consumer computing, announced today the closing of a $5.2 million financing round. This funding allows Novint to continue adding major video games to the roster for the Novint Falcon, the groundbreaking game controller that brings 3D touch to gaming, transforming gaming in the same way sound changed motion pictures. Novint recently announced its agreement with Electronic Arts, the industry's leading publisher, for six blockbuster franchise titles to be sold on Novint's online game store, including Tiger Woods PGA Tour® 08, Madden NFL 08 and Battlefield 2™. The company is in discussions with many other top publishers, and recently completed an agreement for seven other AAA games with another top publisher.

"We saw a lot of interest on this round given how compelling closing on AAA titles is, which is one of the primary uses of proceeds," said Novint CEO Tom Anderson. "Closing on AAA titles is the single most important key to our success right now, both in driving Falcon sales and in creating high-margin revenue on game sales, and Novint is excelling in that area."

The unsecured debt financing carries a 7% interest rate; however, no interest is due over the first year, no payments of principal or interest are due for 3 years, and it is convertible to common stock of the Company at a fixed conversion price of $1.00/share. Further details on the financing may be obtained through our filings with the SEC.

About Novint

Novint (OTCBB: NVNT) develops, markets, and licenses technology that adds high-fidelity interactive 3D touch to computing. For more information visit: www.novint.com.

This press release contains statements that constitute "forward-looking statements." Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. Factors that may cause or contribute to such differences include fewer sales than expected, changes in industry conditions, litigation, and other risk factors identified in the Company's Form 10K filed with the SEC. The Company undertakes no obligation to update these forward-looking statements for revisions or changes after the date of this press release.

Contact Information

  • Novint Press Contact:
    Sabrina Cook
    Email Contact
    866.204.9333 x.3

    Investor Relations:
    Email Contact

    US:
    Marvin Maslow
    917.923.3300

    Europe:
    Herbert Strauss
    +43 316 296 316