TAMPA, Fla., July 19, 2012 /PRNewswire/ -- Dais Analytic Corporation (OTC.BB: DLYT - News) announced today it has obtained $2,000,000 of financing from a long-time shareholder of the Company. Financing proceeds were used to repay, in full, an outstanding secured promissory note held by Platinum-Montaur Life Sciences, LLC with the remainder being used for the Company's working capital needs.
The Company and the funder are working with a well-respected firm in the HVAC industry to create a strategic relationship focused around Dais' ConsERV product line designed to create greater revenues and market penetration for this product in 2012 and beyond.
Tim Tangredi, President & CEO of Dais, said that, "The Company is thankful to Platinum-Montaur Life Sciences, LLC for their past and continued support. The Dais team is excited by the opportunity this strategic relationship will offer. We expect wider exposure in the sales channel will provide the Company greater depth to grow revenues within all of its innovative Aqualyte materials-based applications."
Applications for its Aqualyte materials include Dais' award-winning ConsERV product, its water-based air conditioning NanoAir system, its water cleaningNanoClear process, and its industry altering ultra capacitor for energy storage - NanoCap.
The investor could have put up the money to get Platinum out of the way with more favorable terms, knowing a better deal is being negotiated. With the CEO's previous comments, it's obvious the relationship with Platinum went south. Platinum may want too much to extend financing further or Dais may simply be estatic to stop answering to Platinum. If a buyout gives more than .28 a share, then the option to convert makes sense, otherwise they get a 6% annualized return.
The investor was obviously doing a huge favor for Dais. Flailing companies can't negotiate short term loans at 6%.
With Dais financial troubles, I wonder if there could be a financial partnership or buyout in the near future with this "strategic relationship". $2M is a lot for an investor to put up, with Dais not bringing in nearly the revenue needed. There surely is something else in the works, even if it is truly strategic in nature only, but I'm hoping it's a potential financial opportunity as well.