COLORADO SPRINGS, Colo., Oct. 12 /PRNewswire-FirstCall/ -- Simtek
Corporation (OTC Bulletin Board: SRAM), announced today that it has closed a
$2.5 million private placement of 5,159,959 shares of common stock, priced at
$0.4845 per share, with certain institutional investors. The investors in the
transaction will also receive warrants to purchase an additional 2,579,980
shares of common stock at a price of $0.627 per share and with a term of five
years. Merriman Curhan Ford & Co. acted as sole placement agent for this
transaction.
Doug Mitchell, President and CEO of Simtek Corporation said: "This
financing provides the working capital necessary to build Simtek's market
position as we continue to optimize our production capacity and introduce new
products. We are pleased to be in a much stronger financial position moving
forward and expect very positive operational results from the use of these
funds."
About Simtek
Simtek Corporation delivers fast re-programmable nonvolatile semiconductor
memories. Information on Simtek products can be obtained from its web page:
http://www.simtek.com; email: information@simtek.com; by calling (719) 531-9444; or
fax (719) 531-9481. The company is headquartered in Colorado Springs,
Colorado, with international sales and marketing channels. Simtek is listed
under the symbol SRAM on the OTC Electronic Bulletin Board.
Statements contained in this press release, which are not historical
facts, are forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements are
subject to risks and uncertainties that can cause actual results to differ
materially from estimated results. Such risks and uncertainties are detailed
in the Company's filings with the Securities and Exchange Commission.
SOURCE Simtek Corporation
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Related links:
http://www.simtek.com
CONTACT:
Simtek Corporation, +1-719-531-9444,
information@simtek.com
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