Brightec, Inc. Signs $10 Million Standby Equity Distribution Agreement
SOUTH NATICK, MA -- (MARKET WIRE) -- April 3, 2007 -- Brightec, Inc. (OTCBB: BRTE), creator of
the world's first photographic quality glow-in-the-dark paper, today
announced it has executed a standby equity distribution agreement (SEDA)
with Cornell Capital Partners, LP ("Cornell") of Jersey City, NJ. Under the
terms and conditions of this agreement, over a 24-month period beginning on
the effective date of the registration statement of the company's shares,
Cornell has committed to provide up to $10 million in equity financing to
Brightec. Whereby Brightec may, at its discretion, periodically sell the
registered shares of its common stock to Cornell at a 4% discount from the
market price. Specific details of the terms and conditions of the SEDA can
be found in a Current Report on Form 8K filed with the Securities and
Exchange Commission.
"The structure of this agreement gives us the flexibility of drawing funds,
at the company's option, for working capital," said Patrick Planche,
President and CEO of Brightec. "We worked long and hard to negotiate terms
that worked for both Brightec and Cornell. This agreement is a significant
step for us and will provide us with the resources we need to position
Brightec as the media of choice for printable glow-in-the-dark for the
commercial and digital printing industry," added Mr. Planche.
About Brightec
Brightec, Inc. (OTCBB: BRTE) is the creator of the world's first patented
photographic quality glow-in-the-dark paper. Brightec's paper charges
automatically with just a few minutes of exposure to light and will glow
for hours -- dramatically outshining conventional glow-in-the-dark
products. With Brightec® inkjet or offset paper, users can print razor
sharp color pictures that look remarkable by day and glow in the dark in
amazing photographic detail at night. Innovative and versatile, Brightec
paper is ideal for applications in numerous commercial markets including
advertising, promotions, premiums and consumer or industrial products.
Brightec brand glow-in-the-dark inkjet paper in 4"x6", 8.5"x11" and 13' x
19" formats are available from the Company's website. For more information
on Brightec and its products, please visit www.brightec.com.
About Cornell Capital Partners, L.P.
Cornell Capital Partners, L.P. is a private investment firm with over $700
million in Assets Under Management that specializes in structured finance.
According to Knobias Pipe Trac, Cornell was one of the most active
investors in the U.S. in terms of number the number of structured equity
financings in 2006. Cornell structured over $800 million in committed
equity capital in over 100 transactions in the U.S. and around the globe
within the last 12 months. Cornell Capital Partners is headquartered in
Jersey City, NJ and has offices in London, UK, San Diego, CA and Jupiter,
FL. www.cornellcapital.com.
The information in this Press Release includes certain "forward-looking"
statements within the meaning of the Safe Harbor provisions of Federal
Securities Laws. Investors are cautioned that such statements are based
upon assumptions that in the future may prove not to have been accurate and
are subject to significant risks and uncertainties, including the future
financial performance of the Company. Although the Company believes that
the expectations reflected in its forward-looking statements are
reasonable, it can give no assurance that such expectations or any of its
forward-looking statements will prove to be correct. Factors that could
cause results to differ include, but are not limited to successful
performances of internal plans, the impact of competitors, and general
economic risks and uncertainties.
Contact Information: Company Contacts:
Brightec
Stephanie Smith
Email Contact
508-647-9710