WorldGate Raises Cash12/22/2003 5:53 AM Eastern
Mototech Inc. will buy 625,000 shares of newly issued WorldGate Communications Inc. common stock at $0.80 apiece, resulting in $500,000 of additional proceeds for WorldGate.
Mototech is assisting WorldGate with the design and volume manufacture of its "Ojo" personal video phone.
WorldGate announced an investment of $1.1 million by certain institutional investors Dec. 1. An additional $500,000 investment by those parties was received Dec. 4.
Proceeds from the various deals are expected to allow WorldGate to develop Ojo, to produce trial units and conduct to trials with cable and digital-subscriber-line operators.