Clavis Technologies International Co., a Seoul-based provider of RFID-enabled products that is traded on the over-the-counter Bulletin Board, has closed on $500,000 from Korean venture firm Benex Investment. The firm bought 1 million shares of the Company’s preferred stock at $0.50 per share, the company said Wednesday.
Clavis Technologies International Co., Ltd. (OTCBB:CTLH), “The Company,” a leading provider of RFID-enabled solutions to various industrial markets, announced that the Company secured $500,000 through a purchase agreement entered into with Benex Investment, “Benex”, one of Korea’s leading venture capital and private equity fund management companies, on December 15, 2010.
Upon signing the agreement, Benex Investment invested $500,000 in Clavis Technologies International as an initial purchase of 1 million shares of the Company’s preferred stock at $0.50 per share. The agreement also contains a one-time option, exercisable in Benex’s sole discretion, to purchase up to 9 million shares of the Company’s common stock at a 10% discount of the average trading price within 10 days after the expiration of the adjustment period, during the 90 day period commencing on the first anniversary of the closing date.
“Clavis Technologies would is pleased to assure our shareholders that institutions like Benex Investments are ready to financially support our Company and its long term goals. We appreciate their support and will continue to demonstrate to our shareholders how our company will use this financing to increase our market share of RFID-enabled technologies into new industry verticals and geographic regions. While this information was first filed with the SEC in December of 2010, we feel it is very important that the public is aware of key investors in the company and will continue to provide updates on our progress as well as future operational or financing changes in the company,” commented CEO of Clavis Technologies, Mr. Hwan Sup Lee.
Clavis Technologies has recently announced its selection by The Ministry of Unification (MOU) to manually check the computer assets owned by 122 South Korean manufacturers in Gaeseong Industrial Complex (Gaeseong), located in North Korea, where theft and administrative errors frequently happen. MOU selected Clavis Technologies to realize the RFID-enabled asset tracking system which can automatically manage and update data, verify the current status of assets entering and exiting the system, and connect the data through the process of registering computer information and confirming RFID data in Seoul and the physical assets in Gaeseong’s remote locations.
About Benex Investment
Established in September 2006, Benex Investment is one of Korea’s leading venture capital and private equity fund management companies. As of January 2010, Benex Investment managed funds totaling KRW 350 billion ($290 million), investing mainly in the areas of content & media, IT & green technology, energy and other related industries. To learn more about Benex Investment, visit www.benexi.com.
About Clavis Technologies
Clavis Technologies Co., Ltd., a wholly owned Korea-based subsidiary of Clavis Technologies International Co., Ltd. (“Clavis Technologies”) has been a pioneer vendor of RFID technology since 2003, providing RFID-enabled solutions, including business processes, based on the EPCglobal standards to various industrial markets. With clients such as IBM Korea, SKC, Alien Technology Asia, KT Networks, NextID, Clavis Technologies combines its products, expertise, partnerships and integration capabilities to enable companies to effectively utilize the wealth of data captured by networked devices such as RFID readers or handhelds, extending the quality of valuable information to any device used by the companies or their customers.