Optivision Inc. announced Monday that it has
closed the first stage of a round of financing worth approximately $5 million.
The first stage, involving a private source, has been structured as a bridge loan until completion of the
total financing of at least $5 million. The bridge loan will be used for
working capital to support the company’s short term production plans in
preparation for several expected large orders and to support initial market
expansion plans.
“We are extremely pleased with this bridge financing as our first step in
expanding the market opportunities for our leadership network streaming video
products,” said Michael Liccardo, chairman, president and chief executive of Optivision.
“Optivision has established itself as the leading supplier of network
attached streaming video products with the largest installed base, worldwide.
Now that broadband networks are becoming increasingly ubiquitous, the
business opportunities for broadcast quality MPEG streaming video
applications are mushrooming. This round and future financing, will assist
Optivision in expanding its business development activities and accelerate
exciting new product development based on new patented technology.”
Optivision has strengthened its technology portfolio as the result of a joint
filing of a patent application by Intel Corp. for next generation
streaming video technology. The technology included in this patent, as well
as future patents, will position the company in the emerging broadband
Internet market for streaming video solutions. Optivision intends to
integrate the new patented technology with its existing client/server
software for a next generation broadband streaming video solution.
