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Microfield Graphics, Inc. Announces Merger with Innovative Safety Technologies, LLC and Completion of Equity Financing
TUESDAY, SEPTEMBER 17, 2002 8:09 PM
- BusinessWire

PORTLAND, Ore, Sep 17, 2002 (BUSINESS WIRE) -- Microfield Graphics, Inc. (MICG) , announced today that it has completed the merger of Innovative Safety Technologies, LLC ("IST") into a wholly owned subsidiary of Microfield and has additionally completed a $300,000 private equity financing.

IST is a Portland, Oregon company that identifies, develops, and markets safety and security oriented products and services. IST`s initial product offering was the No Tug Plug(TM) Electrical Outlet Cover, an innovative safety product that keeps electrical cords in place and protects children and pets from electrical shock. IST has recently launched Internet Observation Systems, a new service that provides high resolution remote viewing via the internet and digital video recording capabilities. At the invitation of U.S. Senator Ron Wyden, IST will participate as one of 300 companies in the inaugural Homeland Security Technology Expo in Washington, D.C. on September 18th and 19th.

IST members received 1,818,181 shares of Microfield common stock in the merger. Steven M. Wright, President of IST, was named President of Microfield and a director of the company. "The resources provided in this partnership will enable IST to significantly accelerate our current business strategy," Wright said.

Concurrently with the closing of the merger, Microfield raised $300,000 through the private placement of 1,363,639 shares of common stock. The purchased shares and merger shares are restricted from sale for a period of one year. The total amount of Microfield shares outstanding after completion of the merger and the equity financing is 7,777,887 shares.

In conjunction with the transactions, Microfield`s board of directors has been expanded through the addition of Steven M. Wright and R. Patrick Hanlin, who will serve as Chairman. "We see tremendous opportunities with the products, services and business expertise provided to Microfield through the merger with IST. Consumers are looking for innovative technologies to keep their families and places of business safe and secure," Hanlin said. Prior to founding IST, Mr. Wright was Chief Operating Officer and co-founder of Card Capture Services, Inc., an international ATM provider with annual revenues in excess of $90M, until its sale to E*Trade in May of 2000. Mr. Hanlin is President, CEO and a co-founder of LiveBridge, Inc., a provider of live customer service and sales via the internet and telephone. LiveBridge has approximately 3,500 employees, with annual revenues in excess of $85M. In connection with the merger, John B. Conroy resigned as President, CEO and Chairman of Microfield and will remain a director. Herbert Shaw had previously resigned as a director from the Microfield board.

About Microfield Graphics, Inc.


Microfield was formed in 1984, and became an industry leader in the development and marketing of high performance computer graphics products. The company subsequently sold its computer graphics products business after having developed a line of proprietary digital whiteboard products marketed under the name "SoftBoard(TM)." In October, 2000 the company sold the operating assets and intellectual property associated with the SoftBoard product line. The company has been seeking suitable acquisition/merger opportunities to acquire rights to broad-based consumer products consistent with its goal to specialize in Intellectual Property Asset Management (IPAM). The Company is headquartered in Portland, Oregon, and its common stock is traded on the OTC Bulletin Board under the symbol "MICG."

About Innovative Safety Technologies, LLC


Innovative Safety Technologies, LLC ("IST") is an Oregon company founded in June 2001 to develop and market safety and security oriented consumer products and services. The company`s initial product launch was the No Tug Plug(TM) Electrical Outlet Cover, an innovative safety product that keeps electrical cords in place and protects children and pets from electrical shock. IST has recently launched Internet Observation Systems, a new service that provides high resolution remote viewing via the internet and digital video recording capabilities.

This press release includes statements that may constitute "forward-looking" statements, including the statement regarding the acceleration of IST`s business plan. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause or contribute to such differences that include, but are not limited to, competitive factors, the success of new products in the marketplace, dependence upon third-party vendors, and the ability to obtain financing. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

Microfield Graphics, Inc.
Steve Wright, 503/419-3581
or
for Microfield Graphics
Kim Beeler, 503/684-5203 (Media)



gruß
andy

[JS222]

09/18/2002 (10:37 ET) MOVER(+): MICG Higher After Merger, Private Placement - Knobias
09/18/2002 (10:01 ET) 52W HIGH: New 52-Wk High for MICG @ $0.190 up137.50% - Knobias
09/18/2002 (09:51 ET) VOLUME(+): MICG Volume 3118% > 20-adsv, Stock +50.00% - Knobias
09/18/2002 (08:37 ET) PREMARKET: MICG Completes Merger & Private Placement - Knobias
09/17/2002 (20:09 ET) Microfield Graphics, Inc. Announces Merger with Innovative Safety Technologies, LLC and Completion of Equity Financing - Business Wire


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