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NORCROSS, GA – July 1, 2008 – Simtrol, Inc. (OTCBB: SMRL), an innovative developer of device management software, today announced a financing closing consisting of $2.7 million of private placement equity financing to accredited investors. The private placement consists of Series C preferred stock and warrants to purchase common stock and includes the conversion of the $1.5 million in convertible notes originated in January 2008, per the terms of the notes.
“When we completed our convertible debt financing in January 2008, we anticipated that we would require additional capital during the year to accelerate sales, marketing, and operations efforts in key vertical markets,” commented Oliver Cooper, Chief Executive Officer, Simtrol. “Our business plan resonates with investors interested in investments in software solutions which address complex problems in rapidly changing markets.”
About the Company
Simtrol, Inc. is an innovative developer of software that manages controllable devices such as display monitors, video cameras, and medical equipment for diverse markets such as digital signage, security and surveillance, and healthcare. Functioning as an enterprise-class “Universal Remote Control” for the $42 billion market for controllable devices, Simtrol’s Device Manager™ (DM) software enables unlimited users to easily control unlimited devices via configurable user interfaces that run on commodity touchpanels, PC monitors, and PDAs. DM also enables IT help desks to remotely monitor, diagnose, service, and schedule these devices via a web interface. Contrasted with proprietary hardware-based solutions, Simtrol’s open-software approach offers the flexibility and scalability required to manage the complexity arising from the proliferation of devices and applications. Simtrol licenses its software to end-users, OEM partners, and value added resellers (VARs). For more information about Simtrol, please visit www.simtrol.com.
This announcement may contain forward-looking statements pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements involve risks and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, development difficulties, foreign currency risks, costs of capital, continued certification by credit card associations, the ability to consummate and integrate acquisitions, and other risks detailed in the Company's SEC filings, including the most recently filed Form 10-Q or Form 10-K, as applicable. The Company undertakes no obligation to revise any of these statements to reflect future circumstances or the occurrence of unanticipated events.
Device Manager is a trademark of Simtrol, Inc.
All other brands, logos, products or company names are the copyrights and/or trademarks of their respective holders.
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