Brightec, a Natick-based glow-in-the-dark paper maker has found a way to brighten its financial outlook.
The company said it has come to an equity agreement with Cornell Capital Partners LP of Jersey City, NJ.
Under the agreement, Cornell would provide up to $10 million in equity financing to Brightec. At its discretion, Brightec may sell registered shares of its common stock to Cornell at a 4 percent discount.
“The structure of this agreement gives us the flexibility of drawing funds, at the company’s option, for working capital,” said Patrick Planche, Brightec president and CEO.
Brightec patented the world’s first photo quality glow-in-the-dark paper. The paper charges with exposure to light, and glows for hours.
Brightec says users can use its paper to print glow-in-the-dark photos for advertising and industrial products.
