December 12, 2005
ICOP Digital Announces $3.8 Million Private Placement
LENEXA, KS, - ICOP Digital, Inc. (NASDAQ:ICOP, PCX:ICOP), the leading provider of digital in-car video systems for law enforcement, today announced the closing of a $3,848,000 private placement of its common stock and warrants. Under the terms of the transaction, ICOP Digital agreed to sell 650,000 shares and 227,500 redeemable warrants to a select group of accredited and institutional investors at a price of $5.92 per one share and 0.35 warrants purchased. Each warrant is identical in form to the warrants currently quoted on the Nasdaq Capital Market and traded on the Pacific Exchange and, therefore, entitles a warrant holder to purchase one share of common stock at $6.19 until July 8, 2010. The warrants are redeemable by the Company under certain conditions. ICOP Digital also issued to Paulson Investment Company, Inc., the placement agent for the offering, a warrant to purchase up to 65,000 shares and 22,750 redeemable warrants.
Dave Owen, President and CEO of ICOP, stated, "This financing represents a significant endorsement of the continuing execution of our growth strategy, and will help to ensure that ICOP has sufficient inventory on hand to meet the growing demand we're experiencing for the ICOP Model 20/20™ digital in-car video recording system."
The common stock and warrants sold to the investors has not been registered under the Securities Act of 1933, as amended ("Securities Act"), and may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. Under the terms of the financing, ICOP Digital has agreed to file a registration statement with the Securities and Exchange Commission covering the offering and sale of the shares and warrants by the investors.
About ICOP Digital, Inc.
ICOP Digital, Inc. (ICOP) is a Kansas-based company that delivers innovative mission-critical security, surveillance, and communications solutions that provide timely and accurate information for security for the public and private sectors, to monitor and protect people, assets, and profits. The ICOP Model 20/20™ is the leading digital in-car video recorder system, for use by law enforcement. ICOP Digital is committed to providing surveillance and communications solutions that help our customers improve their safety and security, through effective deployments of innovative technologies. For more info, visit www.ICOP.com