NEW YORK, Oct. 20 /PRNewswire-FirstCall/ -- Astrata Group Incorporated (OTC Bulletin Board:ATTG), a provider of location based technologies and services, announced today that it has issued $4.0 Million of Series A Convertible Preferred Stock in a private placement of its Preferred Stock and Warrants to institutional and accredited investors. The Company intends to use the proceeds for working capital and general corporate purposes.
Martin Euler, Astrata's Chief Executive Officer said "These proceeds will allow Astrata to accelerate our current business plans in both the Homeland Security and Business to Business Markets where our advanced solutions are finding increased global acceptance."
$2.5 Million of this funding has been provided by Vision Opportunity Master Fund Ltd with a further $1.5 Million from the conversion of existing debt provided to the Company by its founding shareholders, including Martin Euler, the Company's Chief Executive Officer. This private placement was undertaken by the Company with Westminster Securities Corporation acting as placement agent.
About Astrata Group Incorporated
Astrata Group Incorporated (OTC Bulletin Board:ATTG) is a US publicly listed company headquartered in Singapore. Astrata is focused on advanced location-based IT services and solutions (telematics) that combine GPS positioning, wireless communications (satellite or terrestrial) and geographical information technology, which together enable businesses and institutions to monitor, trace, or control the movement and status of machinery, vehicles, personnel or other assets. Astrata has designed, developed, manufactured and currently supports seven generations of telematics systems with units deployed worldwide. Astrata has offices throughout the world including the United States, Europe and Asia. For further information please visit www.astratagroup.com.
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate, "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Astrata Group Incorporated (the "Company") to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to: (i) the Company's ability to obtain sufficient capital or a strategic business arrangement to fund its current operational or expansion plans; (ii) the Company's ability to build and maintain the management and human resources and infrastructure necessary to support the anticipated growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings."
Company Contact: John Bryan, Astrata Corporate Communications Telephone: 310-777-8889
Source: Astrata Group Incorporated
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