Visualant, Inc. Closes $ 5 Million Funding
New Funding Led By Special Situations Technology Backs ChromaID(TM) Technology
For Developers And Advances Next Generation of Mass Market Devices and
SEATTLE, Wash., June 13, 2013 (GLOBE NEWSWIRE) -- via PRWEB - Visualant, Inc.
(OTCQB: VSUL) – a company offering light-based identification and diagnostic
solutions with its ChromaID™ technology, announced today it has closed equity
funding in excess of $5MM led by Special Situations Technology Fund.
Ron Erickson, Visualant Founder and CEO stated, "We are very pleased to
announce the close of this funding. With this funding we have strengthened our
balance sheet, completed the purchase of our TransTech subsidiary, and
obtained working capital to support the rapid movement of our ChromaID
technology into the marketplace. We are pleased to have assembled a strong
investor group, led by Special Situations Technology Fund, complemented by
other leading microcap institutional investors and participation by members of
the Visualant management team."
The Company will file its 8K with the terms and conditions in the next few
days as per regulatory guidelines.
About Visualant, Inc.
Visualant™ is a public company whose shares trade under the stock symbol,
VSUL. The Visualant Spectral Pattern Matching™ technology directs structured
light onto a substance, through a liquid/gas, or off a surface, to capture a
unique ChromaID™. When matched against existing databases, a ChromaID can be
used to identify, detect, or diagnose markers invisible to the human eye.
ChromaID scanner modules can be integrated into a variety of mobile or
fixed-mount form factors. The patented technology is disruptive, making it
possible to effectively conduct analyses in the field that could only
previously be performed by large and expensive lab–based tests.
Visualant has a Joint Development Agreement through December 31, 2013 with
Sumitomo Precision Products Co., Ltd. ("SPP"), which focuses on the
commercialization of the SPM technology and an ongoing License Agreement
providing SPP with an exclusive license of the SPM technology in identified
Asian territories. For more information, visit http://www.visualant.net.
+1 (206) 299-0622 ext 801
+1 (310) 210-8011
+1 (206) 919-9652
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