The April 1 issue of Laser Report and May issue of Laser Focus World carried a story on Semiconductor Laser International Corp. (SLI; Vestal, NY) that contains unfortunate errors. Contrary to statements in these stories, I would like to emphatically state that SLI does not have any debt, other than some equipment financing. The company, since its inception, has been financed through equity investments. The only debt incurred by the company was a $750,000 bridge financing, which was outstanding for approximately four months and was paid off with a portion of the proceeds of the public offering.
The company`s prospectus indicates that SLI has a deficit (net operating loss) that continues to increase due to financing R&D and product development. This is not debt. The company continues to fund product development through the equity that has already been raised.
This unfortunate misinterpretation has led to concern about our company by customers and potential employees. In fact, a review of SLI`s recent 10QSB filing with the SEC shows current cash assets of more than $7 million.
Geoffrey T. Burnham, President & CEO
Semiconductor Laser International
Vestal, NY 13850