News

VirTra develops financing plan

July 15, 2002

ARLINGTON, Texas -- VirTra Systems (OTCBB:VTSI) has secured a $5,450,000 line of financing and plans to use the funds to grow the revenue base for its kiosk and virtual reality systems.

The financing comes in the form of a $450,000 convertible debenture and a $5 million equity line. Boston-based Dutchess Private Equities Fund LP, which specializes in making private investments in public companies, led the funding drive. Under the financing plan, Dutchess may purchase $5 million in VirTra common stock.

VirTra has already received $250,000 of the debenture and will receive the other $200,000 when common stock underlying the financing is registered. The company expects that to take place within the next 90 days.

According to VirTra officials, the debenture funds will be used to upgrade the company's VR Zone technology and expand its presence in the training/simulation market.