PHILADELPHIA, Jan. 15, 2013 /PRNewswire/ -- LaserLock Technologies, Inc. (OTC BB: LLTI), a global leader in providing state-of-the art authentication, today announced that it has initially raised $4.2 million through a private placement to accredited investors. The company plans to use the proceeds from the private financing for general corporate purposes, including the funding of its R&D programs, which currently includes five exclusive patents. Additionally, the funds will be put toward the development of an expanded sales and marketing campaign surrounding its newest anti-counterfeiting technologies.
"These funds provide the necessary resources to enable LaserLock to introduce our most recent anti-counterfeiting technology globally," said Neil Alpert, President of LaserLock Technologies. "I am confident in our anti-counterfeiting technologies and believe we are on the cutting edge of this rapidly expanding field."
"In my many years of experience in the private sector, I have learned firsthand the importance of effective capitalization to a company's growth and I am confident that LaserLock has taken the right steps to plan for its future," said Michael Sonnenreich, Chairman of the Board of Directors. "Given the present economic downturn, now more than ever companies need to combat counterfeiting which impacts on their bottom line."
All securities issued under the offering are subject to a hold period of at least six (6) months and one (1) day.
To find out more about LaserLock Technologies (OTC BB: LLTI) visit its website at www.laserlocktech.com.
ABOUT LASERLOCK TECHNOLOGIES, INC.
LaserLock Technologies, Inc. based in Bala Cynwyd, PA is publicly traded on the OTC Market under the ticker symbol "LLTI". The Company markets security technology to protect pharmaceuticals, high-end retail goods, the casino industry, documents and branded products from counterfeiting.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 including, among others, statements reflecting LaserLock Technologies, Inc.'s (the "Company's") pending joint venture agreement, its planned efforts to expand and change its business model through acquisitions, strategic relationships and otherwise and, its filed patent infringement suit. Forward-looking statements are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management as to future events and financial performance with respect to the Company's operations. Forward-looking statements speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect the vents or circumstances arising after the date of which they were made. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors, including without limitation, risks associated with the conduct of litigations (including without limitation the risk that costs of conducting litigation, the possibility of adverse results and potential exposure to counterclaims) and risks associated with developing new technologies and marketing both existing and new technologies (including without limitation the risk that costs of implementing the Company's plan will exceed expectations; the risk that the expected benefits of these plans will not be realized; the risk that the implementation of these plans will interfere with and adversely effect the Company's operations, sales and financial performance;) risks associated with potential acquisitions and new strategic relationships (including the risk that the Company may be unable to identify or enter into any of the same, or that if it does not realize the expected benefit from such transactions); and risks related to general market and economic conditions). As a result of these factors, readers are cautioned not to place undue reliance on any forward-looking statements, including herein or that may be made elsewhere from time to time by, or on behalf of, the Company.
SOURCE LaserLock Technologies, Inc.