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Home Director, Inc. Completes Equity Offering
LIVERMORE, Calif., Jan 26, 2004 (BUSINESS WIRE) -- Home Director, Inc. (HMDR) , a leading home networking company, today announced it has completed the final closing of a private placement of units of its common stock and warrants, bringing the aggregate gross proceeds to approximately $3.2 million. The units sold include a total of 3,470,679 shares of common stock and an equal number of three-year warrants to purchase common stock at exercise prices ranging from $1.068 to $1.298 per share. Net proceeds to Home Director were approximately $2.8 million. A company spokesman said the proceeds would satisfy the company's need for additional working capital as described in its most recent Quarterly Report on Form 10-QSB.
Spencer Trask Ventures, Inc. acted as placement agent for the offering.
Home Director said it has agreed to effect a registration with the SEC to permit the resale of the shares and the shares underlying the warrants issued in the private placement. This announcement is not an offer to sell any of these securities.
About Home Director:
Home Director designs, manufactures, sells and installs home networking products that it calls the "The Power Behind Intelligent Living." These home networking solutions interconnect security systems, audio systems, video services, utilities, personal computers and the Internet. Its products are primarily installed as basic infrastructure in new homes. Winner of the 2001 Innovative Technology Award from the National Association of Home Builders and Popular Science Magazine, and the 2001 Mark of Excellence Award from the Home Automation and Networking Association, the company's home networking solutions have been purchased by more than 60,000 home owners in the United States and Canada. To learn more about Home Director, visit
www.homedirector.com or call 1-800-426-7144.
This press release includes statements that are not historical facts and are considered "forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Home Director's current views about future events. They are identified by their use of terms and phrases such as "believe," "expect," "plan," "anticipate", "possibility" and similar expressions identifying their forward-looking character. Investors should not rely on these forward-looking statements as assurances of future events, because such statements are inherently subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from the company's expectations. The factors that may affect the outcome of such expectations include, but are not limited to factors detailed from time to time in the company's filings with the Securities and Exchange Commission, including the company's Annual Report on Form 10-KSB for its fiscal year ended December 31, 2002.
SOURCE: Home Director, Inc.
Investor Contact:
Home Director
Daryl Stemm, 925-245-2068
or
Investor Relations Contact:
Cameron Associates
Lester Rosenkrantz, 212-554-5486
lester@cameronassoc.com
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