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SLS International's Chief Executive Officer Discusses Recent Financing in CEOcast Interview |
SLS International Inc. (OTC Bulletin Board: SITI) announced today that it had raised $4.5 million through the private placement of 1.8 million shares of its Preferred Stock. Each share of Preferred Stock is convertible into 10 shares of the company's common stock after one year. The common stock underlying the Preferred Stock will not be registered.
The proceeds will be used to increase production capabilities and begin an aggressive marketing and branding campaign for its loudspeaker products. Due to the recent rapid increase in sales and acceptance of its product line, the company has made the decision to expand its production facilities, add production and assembly personnel and increase its inventory levels.
The company has leased an additional 15,000 square feet, doubling its current capacity. The company expands to increase production of its proprietary ribbon driver technology by 500% to meet new sales levels. A new final assembly production area as well as increased engineering and customer demonstration areas will be the main focus of the expansion.
"We have received an overwhelming response to the launch of our new products," said John Gott, President of SLS International, "We have focused our sales efforts in the past 18 months towards selected professionals that could influence decision-making in the industry. It has taken three years to develop our technology and design the over 70 different SKU's of loudspeakers that we offer. Now, we are ready to fill the sales pipeline with product. All of our 50 plus sales representatives are up to speed on our products and the sales momentum is building daily. Our International sales people are also making great strides with many new distributors signing on as well. With this new capital we will be able to speed up our deliveries and feel confident that we can fulfill the many new orders coming in." |
