20th May 2016 08:45
LONDON (Alliance News) - DDD Group PLC on Friday said it has entered into an agreement with Arisawa Manufacturing Co Ltd for a USD750,000 secured loan, and the two companies have agreed to extend the term of a previous loan.
DDD, an imaging company, said the new loan was pursuant to the existing authorities granted to the board of directors, and is secured by its US patent covering 2D to 3D conversion.
DDD also said that the term of its previous loan with Arisawa, announced in February, has been extended from June 30 to December 31.
DDD said the proceeds are to be used to finance business development and licensing activities for its new TriDef SmartCam and UPix products, and for additional intellectual property licensing activities.
The company also noted that it anticipates releasing its Apple iOS UPix social photography app in the Apple Inc store during the current quarter which "should further demonstrate the applicability of our newest solutions to large growth markets".
"We are pleased to announce this additional round of financing as we continue to accelerating our licensing activities for our 2D and 3D intellectual property. The affiliate licensing program for our new TriDef SmartCam products continues to deliver promising results and we continue to expand the addressable market with our recently introduced TriDef SmartCam for Mac OS X," said Chairman Nicholas Brigstocke.
"The additional capital strengthens the financial resources of the Company as we continue our return towards operating cash break-even," Brigstocke added.
Shares in DDD were up 10% at 1.62 pence on Friday.
By Hannah Boland; [email protected]; @Hannaheboland
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