EXHIBIT 99.1
Published on May 16, 2007
Exhibit
99.1
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PRESS
RELEASE
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Contact
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| For Immediate Release |
Lynn
Felsinger
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Visualant,
Inc.
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206.903.1351
phone
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206.903.1352
fax
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lynn@visualant.net
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Visualant
Secures $3 Million Credit Line from Coventry Capital LLC
Seattle,
WA., May 9, 2007, Business Wire-Visualant, Inc. (OTC BB: VSUL),
a
technology company developing spectral data-based security and quality control
solutions,
today
announced that it has secured a $3 million convertible line of credit
with Coventry
Capital LLC., a Delaware
investment banking firm.
The
credit
line initially is set at $1 million increasing to $3 million upon the Company’s
achievement of mutually agreed upon performance criteria. “This credit line will
allow the company to continue developing the technology underlying its recent
patent filings,” said Brad Sparks, President and Chief Executive Officer of
Visualant. “Funds will immediately be used to repay short term indebtedness,
build working prototypes that demonstrate the effectiveness of our
authentication technology, and to develop specific market
applications.”
“Coventry
Capital has demonstrated their confidence in Visualant by committing to this
credit line,” said Ron Erickson, Chairman of the Board. “The credit line will
allow the Company to grow while it continues to raise funds in the equity
markets through its recent engagement of the investment banking firm Kaufman
Bros. LP.”
About
Visualant, Inc.
Visualant,
Inc. develops low-cost, high-speed, light-based security and quality control
solutions available for use in homeland security, anti-counterfeiting,
forgery/fraud prevention, brand protection and process control applications.
Our
patent-pending technology uses controlled illumination with specific bands
of
light, measures and records what is seen, and manages data gathered in an
innovative manner enabling our devices to establish a unique spectral signature
for both individual and classes of items. Those spectral signatures, when
matched against existing databases, allow precise identification and
authentication of any item or substance.
Our
common
stock is listed on the OTC Bulletin Board under the symbol, "VSUL".
The
statements made by Visualant, Inc. in this press release may be forward-looking
in nature and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
describe the Company’s future plans, projections, strategies and expectations,
and may be identified by words such as "expects”, "anticipates”, "intends”,
"plans”," "believes”, "seeks”, "estimates" or words of similar meaning.
These forward-looking statements are based on assumptions and involve a number
of risks, uncertainties, situations and other factors that may cause our
or our
industry’s actual results, level of activity, performance or achievements to be
materially different from any future results, level of activity, performance
or
achievements expressed or implied by these statements. These factors
include changes in interest rates, market competition, changes in the local
and
national economies, and various other factors detailed from time to time
in
Visualant, Inc. SEC reports and filings, including our Annual Report on Form
10-KSB and subsequent Quarterly Reports on Form 10-QSB and Current Report
on
Form 8-K. The Company undertakes no obligation to update publicly any
forward-looking statements to reflect new information, events or circumstances
after the date hereof to reflect the occurrence of unanticipated
events.
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