Lattice Incorporated (OTC:LTTC), a provider of technological solutions to government agencies and enterprise customers, announced today that the company has closed a $1 million financing to support growth of its communications business. The convertible preferred stock issued for this investment has an initial conversion price of $0.11 per share and are convertible into common stock. As I write, shares of Lattice are flat at $0.20 per share on light volume of just over 13,000 shares. The company has a market cap of $4.5 million.On February 14, 2011, Lattice issued 454,546 shares of newly-created Series D Convertible Preferred Stock in return for an investment of $1,000,000 by Barron Partners LP. Lattice plans to use the net offering proceeds from this private placement to expand production capacity, establish sales offices and fund promotional efforts and fund working capital and acquisition needs. The shares of Series D Preferred Stock are initially convertible into common stock at a price of $0.11 per share. Lattice management and other investors are expected to co-invest an additional 15% or more within the next 45 days.
Lattice CEO Paul Burgess said, "This funding, which will be used to fuel the company's communications business, both domestically and internationally, will help to substantially accelerate our growth. I and other members of the management team are significant participants in this funding, which we are confident will help propel our company significantly forward.
"The terms for this investment by Barron Partners LP include additional commitments by Lattice and its management to further its present growth strategy.
"This is an exciting time for Lattice. Our communications business is now operating internationally. Our traditional core software business is also doing well. We believe this will be a strong year for Lattice, particularly with this fresh injection of capital," Burgess said.
Lattice Incorporated is a provider of advanced information and communications technology solutions to the government and commercial markets. The company's technology services division designs, deploys and manages advanced technological solutions at government agencies and for mid- to large-sized enterprises. Lattice's technology products division consists of several core proprietary platforms used to develop customized software applications with military grade security in a number of different markets.
For more information, visit http://www.latticeincorporated.com.
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