Aegis Assessments closes private placement for $5 million

By Sheri Kasprzak

Atlanta, Nov. 29 - Aegis Assessments Inc. said Monday it has wrapped up a private placement for $5 million.

As part of the deal, the company issued 5 million shares to accredited investors in exchange for $5 million U.S. Treasury bonds, the first step to facilitating listing on the American Stock Exchange.

The details of the private placement will be released later in a form 8-K from the Securities and Exchange Commission, the company said.

"The move to AMEX is part of our long-term financial plan to increase liquidity and value for our shareholders and to attract institutional investors," said Aegis chief executive officer Eric Johnson in an earlier statement.

The company's stock is currently traded on the over-the-counter bulletin board.

Aegis is a Scottsdale, Ariz.-based homeland defense contractor. It plans to use the proceeds from the private placement to expand its production capabilities, establish a distribution channel for its products, hire additional sales personnel and meet requirement for acceptance on the American Stock Exchange.

On Monday, the company's stock closed down $0.02 at $0.11.

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