JACKSONVILLE, Fla., March 13, 2014 (GLOBE NEWSWIRE) -- ParkerVision, Inc. (Nasdaq:PRKR) ("ParkerVision") a developer and marketer of semiconductor technology solutions for wireless applications, today announced the closing of a sale of 2,666,666 shares of common stock at a price of $4.50 per share to two accredited investors in a private placement transaction. The sale of shares generated net proceeds, after payment of the estimated offering expenses, of approximately $11.9 million.
The securities purchase agreement contains customary representations and warranties and covenants of ParkerVision. The shares are being offered and sold solely to accredited investors on a private placement basis. ParkerVision will register the shares under the Securities Act of 1933, as amended, for resale by the investors. ParkerVision has committed to file the registration statement by the 30th calendar day following the closing of the sale of the shares. ParkerVision's corporate counsel, Graubard Miller, represented the Company in this transaction.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About ParkerVision, Inc.
ParkerVision, Inc. designs, develops and markets its proprietary radio-frequency (RF) technologies that enable advanced wireless solutions for current and next generation communications networks. Protected by a highly-regarded, worldwide patent portfolio, the Company's solutions for wireless transfer of RF waveforms address the needs of a broad range of wirelessly connected devices for high levels of RF performance coupled with best-in-class power consumption. For more information please visit www.parkervision.com. (PRKR-I).
Safe Harbor Statement
This press release contains forward-looking information, including information regarding the proposed offering. Readers are cautioned not to place undue reliance on any such forward-looking statements, each of which speaks only as of the date made. Such statements are subject to certain risks and uncertainties which are disclosed in the ParkerVision's SEC reports, including the Form 10-K for the year ended December 31, 2012 and the Form 10-Q for the quarter ended March 31, June 30 and September 30, 2013. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.