American Film Technologies Inc. has signed a letter of intent for a group of private investors led by televangelist Pat Robertson of Virginia Beach, Va., to invest about $ 4.7 million in AFT through the purchase of common stock and warrants.
AFT said the group will buy 11.5 million newly issued common shares and 2 million warrants exercisable for 2 million common shares.
AFT currently has 10,773,000 common shares outstanding out of 25 million authorized.
Following completion of the proposed transaction, AFT plans to continue to operate as an independent, publicly held company.
AFT’s shares closed up 3/8 to 1. Meanwhile, CST Entertainment Imaging Inc., the main rival to AFT, said General Electric Pension Trust, a unit of GE, has sold its remaining 1,689,390 common shares of CST. At midday, 1.5 million shares were traded at 2 1/16, equal to 8.4% of shares outstanding. CST closed up 3/8 at 2 3/8.