Irving Sensors Raises $5.6 Million From Private Placement Stock Offering

Irvine Sensors Corp. (Costa Mesa, CA; 714-444-8718), the devleoper of three-dimensional (3D) semiconductors and the SIRComm technology used for wireless infrared (IR) communications, has secured $5.6 million of equity financing in a private placement. The financing involved the sale of 4,000,000 shares of unregistered common stock to a limited number of accredited investors, with the largest position being taken by a publically-traded European mutual fund. The financing, which was offered in May and closed in June, will be reflected in Irvine Sensors' 3rd fiscal quarter, which ended June 27,1999.

"For some time now, the pacing element of the business plans for our Imagek and MicroSensors subsidiaries has been the availability of financing," said James Evert, Irvine Sensors president and CEO. "This private placement allows us to retain a desired level of ownership of these subsidiaries while still providing them with funds to advance their plans. It also increases our flexibility at the parent level to explore commercial exploitation of other aspects of our technology."

Irvine Sensors Corp. is primarily engaged in the development and sale of high-density electronics, MEMS sensors, sensor readout circuits, miniature cameras, image capture systems, image processing devices, wireless infrared communications products, and low-power analog integrated circuits for diverse systems applications.

For more information, call Lynn O'Mara of Irvine Sensors at 714-444-8718, or e-mail lomara@irvine-sensors.com.