TULSA, OK--(Marketwired - January 28, 2014) - 3DIcon Corporation (OTCQB: TDCP), a developer of three dimensional projection display technologies, announced today it has retired the debt of CP US Income Group, LLC and IBC Funds, LLC. Funding to complete this transaction came from the sale of a Series A Preferred offering (the "November Offering").
The amount due to CP US Income Group, LLC and IBC Funds, LLC had become highly dilutive to the Company's shareholders due to the current price of the Company's stock and the conversion feature afforded the debt holders. Eliminating this debt should open new lines of financing that will be more favorable to the Company and less dilutive to shareholders.
Victor Keen, CEO, said, "One of our principal goals of the November Offering was to eliminate the convertible debt held by CPUS and IBC. I am very pleased to announce that we have succeeded in accomplishing this critical step in normalizing our overall capital structure.
"The next step will be to raise additional capital in order to address the Company's growth and pursuit of federal funding. In the meantime, Dr. Hakki Refai and Dr. George Melnik are continuing their efforts to improve the CSpace Prototype and to fulfill the $300,000 OCAST grant requirements."
About 3DIcon Corporation
3DIcon Corporation (the "Company", "3DIcon", "we", "us" or "our") is a developer of projection 3D display technologies. The Company's patented volumetric 3D display technology, CSpace®, is being developed to produce 360-degree viewable, high-resolution, color images, and is intended for use in government and industrial applications such as air traffic control, medical imaging, automotive & aerospace design, geological visualization, weather visualization, battle space visualization, and cargo / baggage / people scan visualization. The Company also sells a software product, Pixel Precision®, a simple-to-use image creation / manipulation tool for engineers developing systems based on Texas Instruments' DLP® line of products. For more information please visit www.3dicon.net.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION ACT OF 1995
With the exception of historical information, the matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of 3DIcon could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company's operations, inability to hire and retain qualified personnel, and changes in the general economic climate. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by 3DIcon, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.