Viisage announced that L-1 Investment Partners LLC has
signed a definitive agreement to purchase $100 million of
its common stock and create a strategic alliance that would
install L-1’s founder as chairman of Viisage’s board.
Additional terms of the agreement includes warrants to
purchase 4 million shares of common stock at an exercise
price of $5.50 per share, as well as the naming of L-1’s
founder and CEO Robert V. LaPenta as chairman of the board
at Viisage.
LaPenta also has the right to appoint two additional
members to the Viisage board, which is expected to approve
that 85 percent of the $100 million investment will be used
for acquisitions.
The investment is expected to be completed by the end of
2005 and is subject to the approval by Viisage
shareholders.
