By Devika Patel
Knoxville, Tenn., April 4 - Amplification Technologies, Inc. raised $1.28 million in a private placement of convertible preferred shares sold to Powersafe Technology Corp., according to an 8-K Powersafe filed Friday with the Securities and Exchange Commission. The filing also detailed a planned merger between the companies.
The series C preferred shares have a 2% monthly pay-in-kind dividend and are redeemable on Feb. 14, 2009.
According to the merger agreement, Powersafe Acquisition Corp., a subsidiary of Powersafe Technology, will merge into Amplification Technologies, with Amplification as the surviving company and the subsidiary of Powersafe Technology.
Amplification Technologies is a private company.
| Issuer: | Amplification Technologies, Inc.
|
| Issue: | Series C convertible preferred stock
|
| Amount: | $1.28 million
|
| Warrants: | No
|
| Investor: | Powersafe Technology Corp
|
| Announcement date: | April 4
|
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