Attached files
| file | filename |
|---|---|
| EX-10.1 - SUBSCRIPTION AGREEMENT - MINIM, INC. | zmtp_ex101.htm |
| 8-K - PRIMARY DOCUMENT - MINIM, INC. | zmtp_8k.htm |
Exhibit
99.1
Zoom®
Telephonics Raises
$1.6 Million In Private Placement; Appoints Former Dell Executive
to Board of Directors
Boston, MA October 25,
2016 -- Zoom Telephonics, Inc.
(OTCQB: ZMTP) (“the Company” or “Zoom”), a
leading producer of cable modems and other communications products,
announced that on October 24, 2016, it entered into subscription
agreements with investors in connection with a non-brokered private
placement (“the Offering”) of 619,231 unregistered
shares at $2.60 per share for gross proceeds of approximately $1.6
million. Additionally, the Company announced that one of the
investors in that private placement, Peter Sykes, has joined
Zoom’s board of directors with a primary goal of assisting
Zoom’s expansion outside the United
States.
The
Company anticipates filing a registration statement on Form S-1 to
register the shares sold in the Offering. The purchased shares will
not be eligible for sale until six months after the closing of the
Offering. The Offering was negotiated at arm’s
length.
Zoom
intends to use the net proceeds of the offering for continued
product development and the rollout of global sales under its
expanded Motorola license. In August 2016, the Company
announced the signing of an amendment to its exclusive license
agreement with Motorola Mobility LLC to include the worldwide
rights to use the Motorola brand for certain Consumer Wi-Fi
Home-Networking products. The amendment extends the license from
cable modem products to include routers, Wi-Fi range extenders,
home powerline network adapters, and wireless access points. The
license agreement continues through December 31, 2020 and can be
extended with mutual agreement.
Peter
Sykes is a British entrepreneur and investor. He had a
successful corporate career with Dell Inc., initially setting up
the Dell subsidiaries in Switzerland and Austria and later
developing the Dell Global Enterprise Program across Europe.
Subsequently Mr. Sykes spearheaded Dell’s development of
Thailand, Korea and India. Mr. Sykes has a wealth of experience
developing electronics hardware sales channels.
“I
am looking forward to joining the board of Zoom Telephonics Inc.,
and becoming an active advisor focusing on the Company’s
international development in Europe and Asia,” said Mr.
Sykes.
“We
are pleased to welcome Peter Sykes to our board, and we look
forward to his help as we move forward to drive our international
growth,” said Frank Manning, Zoom’s President and CEO.
“Zoom has an aggressive product and marketing plan for our
Motorola brand products, and the proceeds from this offering will
help us to fuel our growth strategy, particularly given the recent
expansion of our Motorola license. The offering also means that we
now meet the equity requirement for a Nasdaq or NYSE MKT listing,
an added plus.”
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About Zoom Telephonics
Founded
in 1977 in Boston, Zoom Telephonics, Inc. designs, produces,
markets, and supports cable modems and other communication
products. For more information about Zoom and its products, please
see www.zoomtel.com
.
MOTOROLA
and the Stylized M Logo are trademarks or registered trademarks of
Motorola Trademark Holdings, LLC. and are used under
license.
Forward Looking Statements
This
release contains forward-looking information relating to Zoom
Telephonics' plans, expectations, and intentions. Actual
results may be materially different from expectations as a result
of known and unknown risks, including: the potential need for
additional funding which Zoom may be unable to obtain; delays,
unanticipated costs, interruptions or other uncertainties
associated with Zoom's production and shipping; Zoom's reliance on
several key outsourcing partners; uncertainty of key customers'
plans and orders; risks relating to product certifications; Zoom's
dependence on key employees; uncertainty of new product
development, including budget overruns, project delays, and the
risk that newly introduced products may contain undetected errors
or defects or otherwise not perform as anticipated; costs and
senior management distractions due to patent-related matters; and
other risks set forth in Zoom's filings with the Securities and
Exchange Commission. Zoom cautions readers not to place undue
reliance upon any such forward-looking statements, which speak only
as of the date made. Zoom expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
such statements to reflect any change in Zoom's expectations or any
change in events, conditions or circumstance on which any such
statement is based.
Investor Relations Contact Information
John
Nesbett/Jennifer Belodeau
Institutional
Marketing Services (IMS)
Phone:
203.972.9200
jnesbett@institutionalms.com
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