Pico Products Sells $1 Million of Notes
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Pico Products Inc., a Lake View Terrace maker of security devices and other components for cable television, said it has privately sold $1 million of notes to investors.
As part of the financing, Pico issued warrants that entitle their holders to buy 425,000 shares of Pico’s common stock under certain terms. The warrants can be exercised for $1 a share.
Pico also said its bank renewed a $5.5-million credit line for its principal subsidiary, Pico Macom Inc.
The cash infusion “will allow us to take advantage of a number of excellent market opportunities, both domestically and internationally,” Pico Chairman Everett T. Keech said in a statement.
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