Encision completes private placement of 1,500,000 shares of common stock

Encision Inc. (ECIA:PK), a medical device company owning patented surgical technology that is emerging as a standard of care in minimally-invasive surgery, announced today that it had completed a private placement of 1,500,000 shares of its common stock. The private placement, which represents 19% of the total number of shares outstanding, will raise, before costs, a total of approximately $1.5 million. The purchase price per share for the shares sold in the private placement was $1.00, representing a discount of approximately 6% based on a 20-day volume-weighted average price as of March 30, 2012. Encision did not issue any warrants in connection with the transaction.

The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. The Company intends to file a registration statement to cover the shares issued in the private placement. The securities were offered only to accredited investors.

"Net proceeds from the sale of the shares will be used for sales, marketing and quality programs and needed product development to enable the Company to aggressively execute its business plan." said Fred Perner, President and CEO of Encision. "In addition, this common stock private placement, together with our line of credit with Silicon Valley Bank, has greatly improved the Company's liquidity position."

Source: Encision Inc.