BOCA RATON, Fla., March 15, 2011 (GLOBE NEWSWIRE) --
On March 15, 2011, Littlebanc Advisors, LLC of Boca Raton, Florida, announced the completion of a $1.5 million Series A Preferred Stock financing for Powers Device Technologies, Inc. The single Institutional Investor, Lb Merchant II, LLLP, is an affiliate of Littlebanc Advisors, LLC. Littlebanc Advisors acted as the sole placement agent and financial advisor.
The $1.5 Million capital raise for Powers Device Technologies, Inc. represents another successful funding of a Florida company by Littlebanc Advisors, LLC. During the last twelve months, Littlebanc has completed four other transactions for Florida-based companies and is dedicated to helping small Florida companies grow.
"We are pleased to be associated with this important and much needed technology. This funding will enable an FDA approved technology to reach thousands of infants in need of valuable critical care."
, CEO, Littlebanc Advisors, LLC.
Powers Device Technologies, Inc, [Powers D-T] an early-stage medical device company founded in 2009, develops feedback sensor products to address the nutritional and distress tolerance needs of premature and low birth weight infants. The Pacifier Activated Lullaby (PALtm) stimulates the sucking response in premature and low birth weight infants. An infant's sucking ability is critical behavior for both survival and neurological development. The PALtm technology is based on research conducted at Florida State University by Jayne Standley, Ph.D., recognized as one of the foremost authorities on medical music therapy.
"We are excited that Littlebanc Advisors, LLC has provided the necessary capital for Powers Device Technologies to bring the Pacifier Activated Lullaby (PALtm) to market. After years of research and clinical studies in the NICU, we know that this device teaches premature infants how to feed quickly and safely. It promotes development, hastens their discharge to home, and saves medical costs. It will make a huge difference in standard medical care of preemies in the Neonatal Intensive Care Unit."
Jayne Standley, Ph. D, Florida State University
Powers D-T will use the proceeds for working capital purposes and for developing the technology into a vital device used by hospitals throughout the world.
"This key partnership with Littlebanc Advisors will enable us to move this groundbreaking technology to the marketplace where it will help solve feeding and overall development issues in premature infants that impact their quality of life."
P. Kathleen Lovell, President and CEO, Powers Device Technologies, Inc.
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About Lb Merchant II, LLLP
Lb Merchant II, LLLP, an affiliate of Littlebanc Advisors, LLC, is a merchant bank that invests in small, high quality growth companies. Lb Merchant II, LLLP takes an active approach to its portfolio companies and assists these companies in realizing their potential.
About Littlebanc Advisors, LLC
Littlebanc Advisors, an investment banking boutique, specializes in funding small, high quality growth companies. With its roots in research and long established Wall Street relationships, Littlebanc matches client companies with partner-minded investors fostering a stable and long- term shareholder base.
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Littlebanc Advisors LLC, securities offered through Wilmington Capital Securities LLC, Member FINRA/MSRB/SIPC, has been retained by this company as its advisor. This document was prepared by Littlebanc Advisors, LLC in collaboration with the general management of the company. The two parties decline any responsibility concerning some errors or omissions, insinuations or declarations in this document or in any other correspondence towards any potential partner.
CONTACT: Michael Margolies CEO 561-948-0986 email@example.com Menachem Kranz Managing Partner 561-948-1457 firstname.lastname@example.org