6/12/2003 - e.Digital Corporation (OTC: EDIG) announced that it received over $1.1 million in funding through the sale of approximately six million common shares. The shares were sold at $0.19 to 18 investors. Many of these investors have purchased e.Digital shares on the open market and participated in prior equity and debt offerings. This transaction terminates the offering of shares by the Company pursuant to the prospectus dated April 23, 2002, as amended.
"We are on track to complete and deliver on three major OEM contracts (Softeq/Hewlett Packard, Eclipse by Fujitsu Ten and APS) this summer, with the Softeq/Hewlett Packard product scheduled for completion and delivery this month," said Fred Falk, CEO of e.Digital. "We and our customers are very excited about the function and look of these three state-of-the-art electronic products. All three contracts have the potential for larger follow-on orders and further product and business opportunities."
Falk continued, "We are also working on important new business developments. A rapidly growing number of companies are seeking a domestic solution for new product development. This financing improves our competitive position and we believe it will yield major new OEM business, increase corporate visibility, and support increasing quarterly revenues."
The Company also announced the appointment of Jo Ann Platt as Marketing Communications Manager to replace Wendy Ravenel. Ms. Ravenel resigned for personal reasons after almost nine years of service to e.Digital.
"We appreciate Wendy’s many years of dedication to e.Digital," said Robert Putnam, senior vice president of e.Digital. "We wish Wendy well in her future endeavors and we welcome Jo Ann to her new post with the Company."
Prior to joining e.Digital, Ms. Platt served as Director of Corporate Communications for Verance, the leader in digital audio watermarking technologies and broadcast monitoring and verification. Prior to working for Verance, she served as Director of Public Relations with CollegeClub.com and as Marketing Manager at InterVU. Ms. Platt’s tenure at InterVU began in the early days of the company and extended beyond its public offering and subsequent acquisition by Akamai Technologies. Ms. Platt is a graduate of San Jose State University with a Bachelor’s Degree in Communications.
e.Digital Corporation designs, licenses, brands, manufactures, and sells digital audio products and technologies. The company's trademarked digital audio players include the MXPTM 100, TreóTM portable digital jukebox line, and OdysseyTM line of flash- and hard disk drive-based players. e.Digital’s WeDigMusic.com web site complements its digital audio players by providing consumers with music from thousands of independent artists. The company also offers an engineering partnership for the world’s leading electronics companies to link portable digital devices to PCs and the Internet. e.Digital develops and markets to consumer electronics manufacturers complete end-to-end solutions for delivery and management of open and secure digital media with a focus on music, voice and video players/recorders, and automotive infotainment and telematics systems. Other applications for e.Digital’s technology include portable digital music players and voice recorders; desktop, laptop, and handheld computers; PC peripherals; cellular phone peripherals; e-books; video games; digital cameras; and digital video recorders. Engineering services range from the licensing of e.Digital’s patented MicroOS TM file management system to custom software and hardware development, industrial design, and manufacturing services. For more information on the company, please visit www.edigital.com. To shop at the e.Digital online store, please visit www.edigital-store.com.
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