Exhibit 10.4
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BRIGHTEC (TM)
o o o Be Brilliant.
Brightec, Inc., signs $10 million Standby Equity Distribution Agreement
South Natick, MA - April 3, 2007 - Brightec, Inc., (OTCBB: BRTE.OB) creator of
the world's first photographic quality glow-in-the-dark paper, today announced
it has executed a standby equity distribution agreement (SEDA) with Cornell
Capital Partners, LP ("Cornell") of Jersey City, NJ. Under the terms and
conditions of this agreement, over a 24-month period beginning on the effective
date of the registration statement of the company's shares, Cornell has
committed to provide up to $10 million in equity financing to Brightec. Whereby
Brightec may, at its discretion, periodically sell the registered shares of its
common stock to Cornell at a 4% discount from the market price. Specific details
of the terms and conditions of the SEDA can be found in a Current Report on Form
8K filed with the Securities and Exchange Commission.
"The structure of this agreement gives us the flexibility of drawing funds, at
the company's option, for working capital." said ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, President and
CEO of Brightec. "We worked long and hard to negotiate terms that worked for
both Brightec and Cornell. This agreement is a significant step for us and will
provide us with the resources we need to position Brightec as the media of
choice for printable glow-in-the-dark for the commercial and digital printing
industry", added ▇▇. ▇▇▇▇▇▇▇.
About Brightec
Brightec, Inc. (OTCBB: BRTE.OB) is the creator of the world's first patented
photographic quality glow-in-the-dark paper. Brightec's paper charges
automatically with just a few minutes of exposure to light and will glow for
hours -- dramatically outshining conventional glow-in-the-dark products. With
Brightec(R) inkjet or offset paper, users can print razor sharp color pictures
that look remarkable by day and glow in the dark in amazing photographic detail
at night. Innovative and versatile, Brightec paper is ideal for applications in
numerous commercial markets including advertising, promotions, premiums and
consumer or industrial products. Brightec brand glow-in-the-dark inkjet paper in
4"x6", 8.5"x11" and 13' x 19" formats are available from the Company's website.
For more information on Brightec and its products, please visit
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About Cornell Capital Partners, ▇▇
▇▇▇▇▇▇▇ Capital Partners, L.P., is a private investment firm with over $700
million in Assets Under Management that specializes in structured finance.
According to Knobias Pipe Trac, Cornell was one of the most active investors in
the U.S. in terms of number the number of structured equity financings in 2006.
Cornell structured over $800 million in committed equity capital in over 100
transactions in the U.S. and around the globe within the last 12 months. Cornell
Capital Partners is headquartered in Jersey City, NJ and has offices in London,
UK, San Diego, CA and Jupiter FL. ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇.
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The information in this Press Release includes certain "forward-looking"
statements within the meaning of the Safe Harbor provisions of Federal
Securities Laws. Investors are cautioned that such statements are based upon
assumptions that in the future may prove not to have been accurate and are
subject to significant risks and uncertainties, including the future financial
performance of the Company. Although the Company believes that the expectations
reflected in its forward-looking statements are reasonable, it can give no
assurance that such expectations or any of its forward-looking statements will
prove to be correct. Factors that could cause results to differ include, but are
not limited to successful performances of internal plans, the impact of
competitors, and general economic risks and uncertainties.
Company Contacts:
Brightec
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