January 8, 2010 (FinancialWire) — Viking Systems, Inc. (OTCBB: VKNG), a supplier of 2D and 3D visualization systems for the medical market, has entered into an Investment Agreement for a $5 million equity line with Dutchess Opportunity Fund, II, LP (Dutchess).

Under terms of the agreement, Dutchess has committed to purchase up to $5,000,000 of the company’s common stock over thirty-six months. While the per share price will be determined based on market prices in accordance with an agreed upon formula, the company is not obligated to draw on the facility. The Agreement grants the company the option to sell and obligates Dutchess to purchase common stock at a 4% discount to a calculated volume weighted average market price. In connection with establishing the equity line, the company has agreed to file a registration statement covering 15 million shares of common stock with the U.S. Securities and Exchange Commission to register the resale by Dutchess of any shares issued to it under the equity line. Subject to the effectiveness of the registration statement and the satisfaction of other customary conditions, the company may draw on the facility from time to time, as and when it determines appropriate, in accordance with the timing and volume provisions set forth in the agreement.

During 2009, Viking System experienced significant interest in its three dimensional visualization systems from surgeons and other medical professionals as a result of interactive demonstrations at the American College of Surgeons Annual Congress in October of 2009 and at MEDICA, the world’s largest medical equipment trade fair, held every November in Dusseldorf. In addition, the company continues to partner with other Med Tech leaders on an OEM basis providing 2D and 3D visualization solutions to meet the specific needs of surgical procedures and technologies.

Viking Systems, Inc. (OTCBB: VKNG) is a leading worldwide developer, manufacturer and marketer of visualization solutions for complex minimally invasive surgery.

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