ViaLogy Completes Equity Placing
London, August 18, 2009 - ViaLogy PLC (LSE: VIY) ViaLogy PLC is pleased to announce that it has today raised approximately £2 million (gross) through the placing of 49,564,800 new ordinary shares of 1p ("Placing Shares") at a price of 4p per share ("the Placing") with new and existing shareholders.
The net proceeds of the Placing will be used in the further expansion of ViaLogy's Energy business which uses its proprietary QuantumRD™ technology to interpret seismic data for oil and gas reservoir characterization and positioning of drilling sites and for general working capital purposes.
Application has been made for the 49,564,800 Placing Shares to be admitted to trading on AIM and dealings are expected to commence on 20 August 2009. Following the Placing, the total number of ordinary shares in issue and therefore the total number of voting rights is 628,991,897.
Terry Bond, chairman of ViaLogy commented: "We are delighted to be able to welcome a number of new institutions as shareholders which we believe validates our own belief that QuantumRD™ can be a game changing technology in the exploration for oil and gas. In what contiues to be a difficult environment to raise money, it is particularly pleasing that the placing was substantially oversubscribed."
He added, "This is an exciting time for the Company with a number of new customers recently announced, our backlog and a strong pipeline which gives us great confidence for the future."
For further information please contact:
ViaLogy
Robert W Dean, President & CEO - US +1 626-296-6337 (mobile: +1 703-589-3807)
Terry Bond, Chairman - UK & Europe +44 (0) 1235-834734 (mobile: 07860 842756)
Nominated Advisor to ViaLogy PLC (Seymour Pierce)
Mark Percy +44 (0) 20-7107-8000
About ViaLogy: Network Centric Signal Processing
ViaLogy is a leading innovator of network-centric, real-time signal processing platforms for sensor applications. ViaLogy is currently deploying and designing computational systems, powered by its patented technologies, for applications in life sciences, public safety and security, surveillance, defense and geoseismology. ViaLogy focuses on market driven problems where automation, timeliness, quality and reliability of information processing are essential. ViaLogy's core competency incorporates rapidly and accurately detecting weak signals buried in high noise background and clutter. This technology can be employed to solve problems involving sensor integration and information overload challenges involving video, telephony and control sensors, as well as for enhancement of numerous signal processing applications. For more information, visit our website at www.ViaLogy.com.
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied.
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