Scottsdale, Arizona (PRWEB) May 09, 2013
Beamz Interactive, Inc. (OTCQB: BZIC), an interactive music product and technology company, today announced that it closed an initial $2.5 Million of its current convertible debt financing with management and certain other investors. The closing consisted of funding and commitments to funding of an aggregate of $1.5 million, and the conversion of approximately $1 million of loans previously made by management and their affiliates to Beamz Interactive. The Company is seeking to secure an additional $1.5 million as part of this financing, bringing the total financing to $4 million.
“We are very pleased to complete the initial closing of this financing,” said Charlie Mollo, President & CEO of Beamz Interactive. “This provides us with an adequate capital base to launch a range of exciting next generation products as well as implement our 2013 market launch plans. We believe this will be a pivotal year for Beamz as we take our company to the next level and begin taking advantage of the substantial opportunities available to us.”
Additional Beamz investor information may be found on the investor page of Beamz web site – http://www.thebeamz.com/company/investor-information - or interested parties may email the company at investorinfo(at)thebeamz(dot)com.
Based in Scottsdale, AZ, Beamz Interactive, Inc. (http://www.thebeamz.com) has created a new interactive laser controller technology that can be used to develop new market opportunities in a wide variety of music, game, therapy and consumer applications. In its first application, the Company developed an innovative new music technology and product offering that brings music to literally everyone in a manner that has previously not been possible. Beamz allows people that have no musical background or training to play and enjoy music within minutes, yet it has the depth to enable accomplished DJs, artists and musicians to perform, compose and create very sophisticated interactive music. Beamz Interactive’s technology portfolio includes multiple patents, patents pending and trade secrets covering interactive music, software, laser-based controllers, gaming applications and related designs and devices.
Cautionary Note Regarding Forward-Looking Statements
This press release contains, and our officers and representatives may from time to time make, “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “ anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will,” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding: expected operating results, such as revenue growth and earnings; anticipated levels of capital expenditures; strategy for customer retention, growth, product development, market position, financial results and reserves; and strategy for risk management.
Forward-looking statements are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others: Economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets; volatility in the capital or credit markets; technological developments or other changes that affect customer demand.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.