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Company Contact: Investor Relations: Media Relations:
Steve Villa, CFO Lisa D. Lettieri, VP Elissa Grabowski, AVP
Frisby Technologies, Inc. Lippert/Heilshorn & Associates, Inc. Lippert/Heilshorn & Associates, Inc.
(336) 784-7754 (212) 838-3777 (212) 838-3777
www.frisby.com www.lhai.com or [email protected] www.lhai.com or [email protected]
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FRISBY TECHNOLOGIES COMPLETES $4 MILLION PRIVATE PLACEMENT
WINSTON-SALEM, N.C., June 2, 2000 - FRISBY TECHNOLOGIES, INC. (NASDAQ -
FRIZ), the developer of patented ComforTemp(R) DCC(TM), the leading brand of
dynamic climate control materials, today announced that it has completed a $4
million financing through a private placement.
Investors participating in the private placement include MUSI Investment
SA, a significant existing long-term investor in Frisby; and Schoeller Textil
AG, Frisby's partner in Schoeller Frisby Technologies GmbH. The financing has
taken the form of a unit consisting of one share of common stock and a five-year
warrant priced with an exercise price of $7. Each unit is priced at $5. Frisby
Technologies is continuing its efforts to secure additional financing of up to
$3.5 million through Janney Montgomery Scott.
Mr. Greg Frisby, Chairman and CEO of Frisby Technologies stated, "We are
pleased to obtain this favorable financing to help fuel the Company's continued
rapid sales growth. We are pursuing additional sources of appropriate financing
and will keep investors informed of new developments in this regard."
Frisby Technologies is a global leader in the development of dynamic
thermal management solutions for the apparel, footwear and sporting goods,
packaging, home furnishings, healthcare and electronics industries. ComforTemp
warming and cooling foams and fabrics can be found in products from major
manufacturers such as Titleist and FootJoy Worldwide, Timberland, Polo Ralph
Lauren, Schoeller Textil, Spyder Active Sports, Orvis, Wells Lamont, Wolverine
Worldwide, LaCrosse Footwear and Herman Survivors. For more information, contact
Frisby Technologies at (877) 444-COMFORT, visit the ComforTemp(R) Web site at
www.comfortemp.com, or join the Frisby electronic news distribution list by
sending your e-mail address to [email protected].
This press release contains certain forward-looking statements that relate to
Frisby Technologies' future plans and objectives. Those statements are subject
to numerous risks and uncertainties that could cause actual results, performance
and achievements to differ materially from those described or implied in the
forward-looking statements, and reported results should not be considered an
indication of future performance. Those potential risks and uncertainties
include without limitation the uncertainty of the economic environment for the
remainder of this year, the need for further development of certain of Frisby
Technologies' products and markets, the development of alternative technologies
or legal challenges to the Company's existing technologies by third parties and
the uncertainty of market acceptance and demand for the company's products in
the future. Those potential risks and uncertainties are detailed in Frisby
Technologies' filings on Form 10-KSB for 1999 and Forms 10-QSB with the
Securities and Exchange Commission.
