Artificial Life, Inc. (OTCBB: ALIF) and 3M Company (NYSE: MMM) have signed a securities purchase agreement and a strategic alliance agreement. Under the purchase agreement Artificial Life sold to 3M 6,447,491 shares of their common stock at a price of $1.00 per share for an aggregate price of $6,447,491. The basic and diluted number of shares outstanding following the transaction is 56,984,858 and 64,474,911, respectively. The proceeds will be used to fund an equity contribution by 3M, which represents a 10% equity interest in Artificial Life. The Alliance Agreement entered brings the parties together to collaborate in projects in the coming years.
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About Artificial Life, Inc.
Artificial Life, Inc. (OTCBB: ALIF) is a public US corporation headquartered in Los Angeles, with its production center in Hong Kong and additional offices in Berlin (EMEA headquarters) and Tokyo. As a leading, full-service provider of mobile broadband 3G technology, mobile participation TV, mobile gaming, content and business applications, Artificial Life provides 2D and 3D multi- and single player rich-media applications for 3G, 3.5G and 4G network-enabled mobile phones. Recognized internationally for outstanding content quality and technology, Artificial Life transcends traditional modes of mobile communications and interactive gaming.
About 3M
A recognized leader in research and development, 3M produces thousands of innovative products for dozens of diverse markets. 3M's core strength is applying its more than 40 distinct technology platforms -- often in combination -- to a wide array of customer needs. With $25 billion in sales, 3M employs 75,000 people worldwide and has operations in more than 60 countries.
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