HONG KONG, Nov. 16, 2006 (PRIMEZONE) -- Artificial Life, Inc. (OTCBB:ALIF) announced today that it has received over US$2,000,000 through a private placement of equity securities to finance its further global expansion.
The Company sold an aggregate of 2,560,000 shares of its common stock plus warrants to purchase an additional 1,290,000 shares of its common stock for a total purchase price of $2,048,000. The warrants are exercisable immediately and will remain exercisable for a period of two years at an exercise price of $1.20 per share.
"We appreciate the confidence of our new and existing investors. The proceeds from this funding round will mainly be used to kick start and finance our global expansion beyond the Asian markets into Europe and the USA," said Eberhard Schoeneburg, President and Chief Executive Officer of Artificial Life.
About Artificial Life, Inc.
Artificial Life, Inc. is a U.S.-incorporated leading technology and application provider for 2G and 3G mobile phones. The Company develops and sells a wide range of mobile games and is one of the world's leading providers of 3G content and technology. Artificial Life has won several international awards including the global Best Mobile Game Award by Ericsson and the Best Mobile Entertainment Software Award by Hong Kong Digital Entertainment Association. The Company was founded in 1993 and has its corporate headquarters in Hong Kong. For further information, please visit the Company's website at www.artificial-life.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Artificial Life, Inc.'s business which are not historical facts are forward-looking statements that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the Risk Factors described in the Company's Annual Report or Forms 10-K, 10-K(SB) or 10-Q(SB) for the recent fiscal years. All information set forth in this press release is as of November 16, 2006, and Artificial Life, Inc. undertakes no duty to update this information unless required by law.