eCrypt sells stock for operating capital

BOULDER – Software firm eCrypt Technologies Inc. has secured $400,000 in financing in exchange for nearly 1 million shares of restricted common stock.

In addition to the $400,000 secured in exchange for 952,381 shares of stock at 42 cents each, the Boulder-based company, which develops software that encrypts e-mails being sent from cell phones, could receive up to an additional $1.6 million for about 3.8 million shares at the same price.

The financier, whose name is being withheld until a later date, has the option of executing an additional 952,381 shares at 42 cents each, 714,286 shares at 56 cents each for additional operating capital.

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The company plans to use the money for ongoing operations as well as continue its research and development efforts, said Brad Lever, the company’s chief executive officer.

The company’s (OTCBB: ECRY) software is only available for BlackBerry devices, but Lever said the company plans on making its software available for iPhone and Android by the end of the year.