NEW YORK, Feb. 5, 2016 /PRNewswire/ -- Trans-Lux Corporation (OTC Pink: TNLX) ("Trans-Lux"), a leading supplier of Digital Displays and next generation LED lighting, today announced that on December 22, 2015, it consummated a transaction relating to outstanding 8¼% Limited Convertible Senior Subordinated Notes which matured in 2012. The announcement was made by J.M. Allain, President and CEO.
An aggregate of $457,000 of principal (the "Exchanged Notes") was exchanged for an aggregate of $228,500 and an aggregate of 38,082 shares of the Company's Common Stock, $0.001 par value per share (the "Common Stock"). As part of the exchange, all of the Company's remaining obligations under the Exchanged Notes, including the payment of interest, were terminated. The Common Stock issued in the exchange was not registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
"We have worked diligently to settle these bonds. Originally, we had over $10 million in bonds outstanding, and following this transaction we now have $626,000. We will continue to consider any additional opportunities to settle outstanding bonds which are presented to us with the goal of closing out all bonds," said J.M. Allain.
Trans-Lux Corporation is a leading designer and manufacturer of TL Vision digital video displays and TL Energy LED lighting solutions for the financial, sports and entertainment, gaming, education, government, and commercial markets. With a comprehensive offering of LED Large Screen Systems, LCD Flat Panel Displays, Data Walls and scoreboards (marketed under Fair-Play by Trans-Lux), Trans-Lux delivers comprehensive video display solutions for any size venue's indoor and outdoor display needs. TL Energy enables organizations to greatly reduce energy related costs with green lighting solutions. For more information please visit www.Trans-Lux.com.
This press release may contain "forward-looking statements", as such term is used within the meaning of the Private Securities Litigation Reform Act of 1995. These "forward-looking statements" are not based on historical fact and involve assessments of certain risks, developments, and uncertainties in Trans-Lux's business looking to the future. Such forward-looking statements can be identified by the use of terminology such as "may", "will", "should", "expect", "anticipate", "estimate", "intend", "continue", or "believe", or the negatives or other variations of these terms or comparable terminology. Forward-looking statements may include projections, forecasts, or estimates of future performance and developments. These forward-looking statements are based upon assumptions and assessments that Trans-Lux believes to be reasonable as of the date hereof. Whether those assumptions and assessments will be realized will be determined by future factors, developments, and events, which are difficult to predict and may be beyond Trans-Lux's control. Actual results, factors, developments, and events may differ materially from those Trans-Lux assumed and assessed. Risks, uncertainties, contingencies, and developments, including those discussed in Trans-Lux's filings with the SEC, could cause Trans-Lux's future operating results to differ materially from those set forth in any forward-looking statement. There can be no assurance that any such forward-looking statement, projection, forecast or estimate contained can be realized or that actual returns, results, or business prospects will not differ materially from those set forth in any forward-looking statement. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Trans-Lux disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments.
SOURCE Trans-Lux Corporation