Tuesday, August 09, 2005


LSBC receives $15 million in equity financing, reports 2nd quarter financials

LSBC yesterday reported that they have secured $15 million in equity financing, keeping the doors open for a little while longer. According to the press release, and I think I'm going to have to read the 10-Ks or 8-Ks to really figure out what is going on, Brittany Capital Management Limited will provide the funding in exchange for shares. However, the press release title suggests this is an equity line of credit. Once again, I'm not quite sure what is going on here. Also today, LSBC released their second quarter financial results. The company reported a net loss of about $4.2 million for the quarter.

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