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NORTHRIDGE, CA--March 6, 2001 - Soligen Technologies, Inc. (OTC BB:SGTN), a
rapid manufacturer of complex metal parts using proprietary technology, announced
today the completion of a private placement offering of Convertible Preferred
Stock totaling gross proceeds of $943,500.
"The additional capital made possible by this offering further advances Soligen's ability to exploit opportunities made available by the breakthrough technology of the DSPC system of producing ceramic shells for metal castings," said Yehoram Uziel, Chairman and Chief Executive Officer. "This offering will also allow Management to fund continued development and marketing of this DSPC technology."
Soligen is able to rapidly manufacture cast metal parts, bypassing the traditional need for tooling, by employing Soligen's DSPC® technology. The DSPC technology is a proprietary fabrication process for metal parts that produces ceramic molds for metal castings directly from a CAD file. Consequently, it enables postponement of design and the fabrication of expensive and time consuming casting tooling until after the parts are functionally tested, thus increasing the probability of making production tooling once and correctly on the first attempt. Additionally, Soligen rapidly produces production tooling for larger runs of metal castings from the same CAD file as the approved part. By combining three key production elements: DSPC® technology, conventional casting methods, and Computerized Numerical Control (CNC) machining practices, the Company has created the first "one stop shop" for functional metal parts that are made directly from a CAD file and that are ready for assembly. This complete service, trademarked as Parts Now®, has become a single source for rapidly manufactured metal parts.
DSPC® and Parts Now® are registered trademarks of Soligen.
Except for the historical information herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. Actual results may vary significantly based on a number of factors, including, but not limited to, risks in product and technology development, market acceptance of new products and continuing product demand, the impact of competitive products and pricing, changing economic conditions, both here and abroad, timing of development and release of new products by strategic suppliers and customers, the effect of the Company's accounting policies and other risk factors detailed in the Company's most recent annual report and other filings with the Securities and Exchange Commission.
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