10th Feb 2015 08:53
LONDON (Alliance News) - DDD Group PLC Tuesday said its considering a range of options to strengthen its balance sheet, including a potential equity fundraising for up to GBP1.5 million, as well as potential strategic partnerships or additional loans.
In July last year, the advanced imaging and 3D technology company said it has received commitments for the issue of GBP535,000 of convertible unsecured loan notes, as part of a plan raise up to GBP2.1 million to complete the development of new technologies and applications, which the group intends to license into new markets. DDD says it currently has 88 granted and pending patents covering 16 inventions.
In a statement Tuesday, DDD said that against this background, it is currently considering a possible equity fundraising during the first quarter to raise up to GBP1.5 million.
"Completion of the financing is expected to provide sufficient working capital with net proceeds being used to complete the development of an Android version of the TriDef SmartCam solution as well as accelerating business development and licensing activities for the recently announced product," the company said.
DDD said it is is exploring "financing opportunities" available to the company, including entering into strategic partnerships or additional loans.
"There can be no certainty that completion of the financing program will be achievable however and further announcements will be made in due course and as appropriate," it added.
The company said it expects full-year revenue for 2014 to reach USD2.5 million, with a loss before interest, tax, depreciation, amortisation, other income and share-based payments of USD800,000.
It said it will release its 2014 financial results in the week commencing May 4.
DDD shares were untraded Tuesday morning. The shares last traded at 3.00 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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