OFFROAD CAPITAL RAISES $5.86 MILLION FOR SILICON FILM TECHNOLOGIES, INC.
San Francisco, CA - February 25, 2000 - OffRoad Capital Corporation announced today that it has completed a $5.86 million private financing round for Silicon Film Technologies, Inc. The transaction was completed through OffRoad's wholly owned broker-dealer subsidiary.
The deal was over-subscribed as 175 investors in 36 states from OffRoad's proprietary network were able to participate. Silicon Film Technologies develops and intends to sell electronic film hardware and software for digital imaging, including a technology that allows the use of conventional 35mm single lens reflex (SLR) cameras to capture, store, and transfer digital images without any modification to the cameras.
OffRoad Capital, launched last March, is a new kind of financial services company that uses the Internet to fund emerging growth private companies with investments from its proprietary network of high net worth individuals. OffRoad's first private financing venture, completed in September 1999, raised $4.53 million in financing for PlexusNet Broadcasting Corporation. OffRoad's subsequent private financings raised $5.95 million for Quantum3D, Inc., in November 1999; and raised $5.64 million for Patchlink.com Corporation in January 2000.
The investment led by OffRoad Capital provides Silicon Film Technologies with necessary capital for the introduction and marketing of its initial planned electronic film system ("EFS") product and development of future products.
"The relationship with OffRoad had provided Silicon Film with several benefits," said Robert Webber, Silicon Film president and CEO. "Beyond efficient access to a large network of high net worth individuals, the market pricing feature of the financing allowed investor demand to set the final valuation and price for shares offered. In addition, OffRoad has been instrumental in facilitating valuable contacts with leaders in the digital imaging industry."
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