Targeted Strategies for Today's Evolving Markets

MissionIR Blog

CelLynx, Inc (NRPT) Closes $2 Million Equity Financing; Company Agrees to Merge With Public Company

CelLynx, Inc (NRPT), a leading developer of breakthrough signal-amplification technology, announced that the company has signed definitive agreements for $2 million in equity financing with a group of accredited investors.

CelLynx intends to use the proceeds from this financing for the advancement of their proprietary, patent-pending 5BARz technology. The company believes that, thanks to this financing, they will be able to drive this product from its current prototype stage into a final commercialization state by the year end of 2008.

Furthermore, CelLynx also announced that they have entered into a separate definitive agreement to be acquired by NorPac Technologies, Inc. (NRPT.OB), a Washington based company with nominal operations and assets. NorPac is scheduled to acquire CelLynx in March 2008, and immediately upon closing, current CelLynx shareholders and management will assume majority and operating control of the combined company.

CelLynx has already closed on $200,000 of these financings and has agreements for the balance of $1.8 million to be funded in stages through March 2008.

Let us hear your thoughts below:

This entry was posted in Small Cap News. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *