DDD Group agrees new secured loan with Arisawa

Advanced imaging company DDD Group announced on Friday that it has entered into an agreement with Arisawa Manufacturing Company for a $0.75m secured loan, under the existing authorities granted by its board.

The AIM-traded firm said the loan is secured by its US patent for 2D to 3D conversion.

Additionally, Arisawa and DDD have also agreed to extend the term of the February secured loan from 30 June to 31 December this year, with all other terms and conditions remaining unchanged.

DDD’s board said the net proceeds of the new secured loan will be used to finance business development and licensing activities for its new TriDef SmartCam and UPix products, and additional intellectual property licensing activities.

“We are pleased to announce this additional round of financing as we continue to accelerate our licensing activities for our 2D and 3D intellectual property,” said DDD Group chairman Nicholas Brigstocke.

He said the affiliate licensing programme for its new TriDef SmartCam products was continuing to deliver promising results, with the company expanding the addressable market with its recently-introduced SmartCam for Mac OS X.

“We anticipate releasing the UPix social photography app in the Apple iOS store during the current quarter, which should further demonstrate the applicability of our newest solutions to large growth markets.

“The additional capital strengthens the financial resources of the company as we continue our return towards operating cash break-even,” Brigstocke added.

Investors did not appear pleased with the news, however, with DDD Group’s shares down 5.08% to 1.4p at 1140 BST.