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Ophthalmic Imaging Systems issues $2.75 million in convertible notes

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SACRAMENTO, Calif. — Ophthalmic Imaging Systems issued $2.75 million in 6.5% convertible notes due 2010 in a transaction led by The Tail Wind Fund Ltd., the company announced in a press release. Ophthalmic Imaging Systems expects to use the net proceeds from the offering to fund potential future acquisitions, the release said.

Investors have the right to convert the notes by 2010 into OIS common stock at a fixed conversion price equal to a 5% premium to the volume-weighted average price for the trailing 12 days of trading as of Oct. 29. In addition, the company issued 616,671 5-year warrants with an exercise price equal to a 20% premium to the volume-weighted average price for the same time period, equal to $1.87, according to the release.

"This offering provides OIS with the capital necessary to aggressively seek out potential acquisitions that will expand upon our offerings and help us execute our business strategy," said Gil Allon, CEO of OIS, in the release. "We believe OIS has a tremendous infrastructure in place from which to expand our business. Once our intended merge with MediVision Medical Imaging is complete, we will be able to rapidly implement our strategic growth plan."