IRVING, Texas—PFO Global, Inc. (OTCQB: PFGB) announced Friday that Hillair Capital Investments L.P. has elected to partially exercise its right to invest up to an additional $4.0 million in the company.

According to a securities purchase agreement with Hillair Capital dated June 30, 2015, Hillair Capital has the right to invest up to $8.0 million in PFO Global. Hillair Capital’s initial subscription was for $4 million, which was invested on July 1, 2015. Now Hillair Capital has subscribed for an additional aggregate $1.875 million, resulting in an investment to date of $5.875 million, with the current option of investing an additional approximate $2.125 million.

In exchange, PFO Global issued an aggregate of $2.1 million in principal amount of 8 percent original issue discount senior secured convertible debentures to Hillair Capital plus five year warrants to purchase an aggregate of 1,050,000 shares of its common stock.

"We're pleased that our financing partner Hillair Capital has elected to invest additional money into the company at an important time in our evolution,” said Rudolf Suter, president and CEO of PFO Global. “We remain cautiously optimistic that their additional investment combined with recent sales traction and recently announced strategic cost cutting initiatives, have the potential of further advancing us toward our goal of reaching near term cash flow positive.”