CVD Equipment Corporation (Nasdaq: CVV) announced today that new orders received during the month of January, 2011 totaled approximately $9.3 million dollars. These orders are for both production and research equipment in the fields of Solar, LED’s and Nanotechnology.
Leonard Rosenbaum, president of CVD Equipment Corporation, states, “We are very pleased by the significant level of new orders received in January, 2011 for both production and research equipment. We will continue to not only expand our research product offerings, but also continue to develop optimized production equipment for our customers. As our research equipment customers transition from research to production, CVD will continue to be an integral part of their success. The CVD/FN division continues to benefit from increased interest and funding in energy generation, energy savings and nanotechnology for both research and production equipment. We anticipate that this interest will continue throughout 2011.
To support our continued and projected growth, our Board of Directors has taken the prudent step of filing a Form S-3 registration statement with the U.S. Securities and Exchange Commission, commonly known as a "shelf registration." When the shelf registration statement is declared effective by the SEC, the Company, at its option, will have the ability to conduct registered offerings of up to $20 million of common stock, preferred stock, debt securities, warrants to purchase these securities, unit offerings or any combination of such securities in multiple transactions over a period of up to three years.
To be clear, we currently have an ample amount of cash and positive operating cash-flow. However, we realize that to meet increasing order levels and minimize segment risk, we may need to raise capital to support the expansion of product offerings, personnel, equipment and facilities. If we choose to sell shares under this shelf registration, it will be at a price we deem favorable to the Company, shareholders and for the purpose of financing both short and long term growth opportunities. For the above reasons, we believe this shelf filing is beneficial to the Company and its shareholders as it allows the Company to raise the capital as needed to continue our current and anticipated growth.”
Specific terms of any future offering under this registration statement will be established at the time of any such offering and will be described in a prospectus supplement that the Company would at such time file with the SEC.