NEW YORK -- (BUSINESS WIRE) -- GlassesOff Inc. (OTCBB:GLSO) a neuroscience technology company, today announced that is has secured a committed equity financing facility under which it may sell up to $15 million of its shares of common stock to YA Global Master SPV Ltd. over a period of up to 36-months. GlassesOff is not obligated to use the facility and remains free to enter into and consummate other financing transactions.
“This type of facility can potentially serve as a cost effective alternative for us to raise capital going forward and potentially increase our stock’s liquidity,” said Nimrod Madar, CEO of GlassesOff. “We believe it is prudent for us to put this facility in place while keeping our financing options open as we go forward. With the recent launch of the GlassesOff™ Android app, we are very happy to secure this significant financing facility which could assist in funding our planned initiation of a global marketing and advertising campaign for our products.”
GlassesOff has agreed, as a condition to drawing on the facility, to file with the SEC a registration statement to register the resale by YA Global Master SPV Ltd. of shares issued to it under the facility. GlassesOff will determine, at its sole discretion, the timing and dollar amount of draws under the financing facility.
The securities offered to YA Global Master SPV Ltd. under the equity financing have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
For further information visit www.glassesoff.com
GlassesOff Inc. (OTCBB: GLSO) is a public company developing and commercializing next generation vision sharpness applications. GlassesOff has developed a proprietary, patent-protected technology platform to improve near vision sharpness, through exercise, by improving the image processing function in the visual cortex of the brain, without changing the optical characteristics of the eye. The GlassesOff™ product aims to eliminate the dependency on reading glasses of people over the age of 40 who experience natural age-related changes in their near vision sharpness. The GlassesOff™ product is available for iOS devices (iPhone/iPad/iPod) and Android devices. The GlassesOff™ product was named one of the top Emerging Breakthroughs in Science and Technology for 2013 by Reader’s Digest Magazine. For more information, visit www.glassesoff.com..
Safe Harbor Statement: This press release contains forward-looking statements, which may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipates,” “believes,” “should,” “would,” “intends,” “estimates,” “suggests,” “has the potential to” and other words and phrases of similar meaning, including statements regarding the results of effectiveness of GLASSESOFF’s applications. Investors are cautioned that forward-looking statements involve risks and uncertainties that may affect GLASSESOFF’s business and prospects, including the risks that GLASSESOFF may not succeed in generating any revenues or developing any commercial products, that the products may not achieve the expected results or effectiveness, and other risks and uncertainties that may cause results to differ materially from those set forth in the forward-looking statements. In addition to the risk factors described above, investors should consider the economic, competitive, governmental, technological and other factors discussed in GLASSESOFF’s filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date the statements were made, and we do not undertake any obligation to update forward-looking statements, except as required under applicable law.