SmarTire Completes Major Financing
SmarTire Systems Inc has agreed a major financing programme with Cornell Capital Partners LP that has resulted in net proceeds of $11 million plus a $160 million standby equity distribution agreement. According to the company the funds will be used to expand the company’s business strategy beyond tyre pressure monitoring and into the field of wireless sensing and control applications.
Jeff Finkelstein, chief financial officer of SmarTire, said: “This major financing represents one of the most important milestones in the history of our company. Completion of this financing sends a very clear and positive message to our customers, suppliers and strategic partners that SmarTire now has the resources necessary to execute on its business plan. The company has expanded its business strategy beyond tyre monitoring opportunities to include a wider range of wireless sensing and control applications that utilize SmarTire’s patented technologies. This financing enables us to launch and maintain a long-term sales and marketing program into this exciting market sector.”