LightwaveRF Raises GBP1.4 Million In Share Placing (ALLISS)

LONDON (Alliance News) - LightwaveRF PLC said Friday that it has raised GBP1.4 million through the placing of 6.28 million shares at 23 pence each, and current Chairman and Chief Executive Officer Mike Lord will transition into the full time role of chief executive officer following the fund-raising.

Shares in LightwaveRF were down 5% at 24.70 pence Friday morning.

Non-Executive Director Barry Gamble will take up the role of non-executive chairman.

The company said it plans to use the funds to push market awareness and product sales, as well as further technology development. LightwaveRF makes 'smart home' technology, such as lighting or heating products that can be remotely controlled through devices like a smartphone or tablet.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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