HAMILTON, Va., Nov. 10 /PRNewswire-FirstCall/ -- Catcher Holdings, Inc., (BULLETIN BOARD: CTHH) , whose wholly-owned subsidiary, Catcher, Inc., is the developer of the CATCHER(TM) device, a portable, ruggedized, wireless, handheld computer and communications control device built to military specifications for ruggedness, today announced that it has raised $3,333,333 in cash through the exercise of various warrants.
"This capital improves our cash position and will enable us to more easily build and distribute our production models of the CATCHER device," President and CEO Charles Sander stated. "We are receiving orders from our VARs and are shipping product to them so that they can demonstrate to their customers the broad range of capabilities we have built into this single handheld unit."
On November 3, 2006, Catcher issued Series E Warrants to each holder of the Company's Series B Warrants, Series C Warrants and Series D Warrants (collectively, the "Participating Warrant Holders") that exercised at least 50% of such Series B Warrants, Series C Warrants or Series D Warrants held by the Participating Warrant Holder by November 3, 2006. An aggregate of 2,382,611 Series E Warrants were issued to the Participating Warrant Holders and are now outstanding. Each Series E Warrant entitles the holder to purchase one share of Common Stock at $2.50 per share and is exercisable for a period of three years (the "Exercise Period"). The Series E Warrants may not be called by the Company at any time prior to the expiration of the Exercise Period.
In addition, in connection with the issuance of the Series E Warrants, the Company issued to the Participating Warrant Holders and the holders of the Company's Series A Warrants that exercised such warrants by November 3, 2006, an aggregate of 2,707,559 shares of its Common Stock upon the exercise of 324,948 outstanding Series A Warrants, 1,334,232 outstanding Series B Warrants, 258,379 outstanding Series C Warrants and 790,000 outstanding Series D Warrants held by such persons. The Company received total proceeds of approximately $3,333,000 in cash upon such exercises net of $27,650 to be paid to the placement agent in accordance with the agreement between the Company and the placement agent.
The Company relied upon the exemptions from the registration requirements under Section 4(2) of the Securities Act of 1933, as amended, and Regulation D promulgated thereunder, for the issuance of the Series E Warrants and the Common Stock issued upon exercise of Series A Warrants, Series B Warrants, Series C Warrants and Series D Warrants.
About Catcher Holdings, Inc.
Catcher Holdings, Inc.'s wholly-owned subsidiary, Catcher, Inc., has developed a portable, ruggedized, wireless, handheld command control device built to military specifications. Utilizing proprietary software, CATCHER(TM) product offers mission critical personnel essential real-time wireless data and communications through an integrated platform incorporating voice, video, data, GPS and biometric capabilities.
The CATCHER device is the culmination of new technology breakthroughs, extensive research, and product development that the Company believes will meet the needs of many government agencies and commercial entities for a ruggedized, portable, handheld computer, communications and telemetry control device. The unit was designed and engineered to provide field personnel and "First Responders" access to mission-critical information in the form of wireless or wired, real-time bi-directional voice, video, text, telemetry and data enabling command center personnel to remotely view an incident or job site. Weighing just 3.5 lbs., including batteries, the CATCHER is 10 inches in width, 7.25 inches in height, 2.25 inches in depth, and has a daylight-viewable 6.4 inch diagonal VGA LCD backlit touch screen.
Photographs and detailed descriptions of the new CATCHER device are available on the Company's website at http://www.catcherinc.com/.
Special Note Regarding Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve known and unknown risks, delays, and uncertainties that may cause actual results, performances or achievements of the Company to differ materially from those results, performance or other expectations expressed or implied by these forward-looking statements. These risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements include, but are not limited to: the Company's ability to successfully complete development of the Catcher(TM) product, the Company's ability to commercialize the Catcher(TM) product, the Company's ability to generate product sales and operating profits, potential vulnerability of technology obsolescence, potential competitive products by better capitalized companies, potential difficulty in managing growth, dependence on key personnel, and other risks which are discussed in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.
Linda Decker, VP - Investor Relations Tom Gibson, VP - Media Relations
Jeff Myhre, VP - Editorial 201.476.0322
212.564.4700
CATCHER HOLDINGS, INC.
Charles Sander, President and CEO
540-882-3087
© 2006 PR Newswire
