PRINCETON, N.J., Nov. 28 Laser Energetics, Inc.(Pink Sheets: LNGT) announced today that the toxic convertible debentures thatthe Company previously issued to Cornell Capital Partners LP (now known as YAGlobal Investments) have been paid in full. The Company no longer owes anymoney to Cornell. As of today's announcement, the Company has approximately210,732,554 shares of common stock outstanding.
Robert D. Battis, Chairman and Chief Executive Officer of LaserEnergetics, stated, "We would like to thank Cornell for providing financing ata time when financing was a difficult proposition. However, times havechanged. We are now generating important orders, and are commercializing ourintellectual property. In addition we're negotiating joint ventureagreements, and are poised for dramatic growth because of pending military andhomeland security contracts. As a result, we have more beneficial andadvantageous sources of financing available to us. We are very excited toconvey this happy news to our shareholders."
Battis continued, "We can now focus our energies on developing ourbusiness. Our BrightStar(TM) Alexandrite laser technology has gained a lot ofattention from the defense industry. We're currently working with severallarge contractors to identify new and additional applications for thetechnology. We expect to be in a position to make several announcementsregarding these developments in the very near future."
About Laser Energetics, Inc.:
LEI has and continues to develop a comprehensive and strategic laserproduct line that addresses applications in Industry, Science, Medicine andthe Military. The Company has had a primary focus on its Alexandrite lasertechnology. These tunable solid state lasers are unique in that they can beconductively air cooled to compete favorably against water cooled lasers inmany applications. In addition, these lasers have one of the greatestwavelength tuning ranges with a bandwidth of over 250nm. The company ispursuing markets that are diverse yet can use the same laser with theircompact user friendly design. This laser technology provides a sustainableadvantage over many other lasers because of their tune-ability, conductivelyair cooled operation, and their efficiency allowing these lasers to operate at110 Volts as compared to other less efficient competitive lasers that arelarge and need 220 Volts to operate.
Safe Harbor: Statements regarding financial matters in this press releaseother than historical facts are "forward-looking statements" within themeaning of section 27A of the Securities Act of 1933, Section 21E of theSecurities Exchange Act of 1934, and as that term is defined in the PrivateSecurities Litigation Reform Act of 1995. The company intends that suchstatements about the Company's future expectations, including future revenuesand earnings, technology efficacy and all other forward-looking statements besubject to the safe harbors created thereby. The Company is a developmentstage company who continues to be dependent upon outside capital to sustainits existence. Since these statements (future operational results and sales)involve risks and uncertainties and are subject to change at any time, theCompany's actual results may differ materially from expected results.
SOURCE Laser Energetics, Inc.