Applied Spectrum to conduct private placement for up to $12 million

By Sheri Kasprzak

New York, Sept. 7 - Applied Spectrum Technologies, Inc. said it plans to raise at least $10 million and a maximum of $12 million in a private placement connected to its intended acquisition of Ever Leader Holdings Ltd.

Completion of the company's acquisition, which is being completed through a share exchange, is contingent upon the completion of the placement.

The terms have not yet been determined.

Under the terms of the share exchange, Applied Spectrum will acquire all of the outstanding shares of Ever Leader and will issue, in turn, 62,942,360 shares of Applied Spectrum to Ever Leader's shareholders.

Based in Vero Beach, Fla., Applied Spectrum is acquiring businesses. It presently has no operations.

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