Viking Systems Inc. announced that the company has increased its cash and liquidity position through the issuance of common stock. The company raised $934,897 through selling an aggregate of 4,398,050 shares.
Representatives for Viking Systems have stated and reiterated their intention to raise a total of $2 million to $3 million during 2010. The funds will be used towards the development and launch of the company’s Next Generation 3DHD system. Viking Systems plans to launch the new system in the fourth quarter of 2010, providing the highest quality 3DHD visualization in a cost effective, standalone solution.
Robert Mathews, Executive Vice President and CFO of Viking Systems, Inc. stated, “We are very pleased to announce that we have brought significant capital into the Company. Clearly it is very important to have access to capital to fund our strategic plans. We have made great progress towards launching our Next Generation 3DHD System and it is essential to have the financial means to fund the final phases of this effort.”