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(COMTEX) B: SpectruMedix Corporation Announces Capital Infusion and Mana
B: SpectruMedix Corporation Announces Capital Infusion and Management Changes
STATE COLLEGE, Pa., Jul 9, 2001 /PRNewswire via COMTEX/ -- SpectruMedix
Corporation (OTC Bulletin Board: SMDX) announced today that it has received a $1
million capital infusion from New York investor Ilan Reich, and that Mr. Reich
had assumed the offices of Chairman and Chief Executive Officer, effective
immediately.
Mr. Reich replaces Dr. Joseph Adlerstein in those positions. Dr. Adlerstein will
no longer be associated with SpectruMedix.
The I. Reich Family Limited Partnership, an entity affiliated with Mr. Reich,
has purchased 100 shares of Series C Convertible Preferred Stock, each of which
is convertible into 20,000 shares of Common Stock. Each share of Series C
Convertible Stock is entitled to thirteen votes for each share of Common Stock
issuable upon conversion of a share of Series C Preferred Stock. The holders of
Series C Convertible Preferred Stock, voting separately as a class, also have
the right to elect three members to the Board of Directors of the Company.
The I. Reich Family Limited Partnership has also purchased a $300,000 6%
Convertible Note due July 9, 2004 and a $600,000 6% Secured Note due July 9,
2004 from the Company. The Secured Note is secured by the Company's accounts
receivable, inventory and certain intellectual property. Under the Notes, the
Company has the option to defer interest payable until the maturity date. The
convertible note is convertible into shares of the Company's Common Stock at a
conversion price of $.0575 per share.
The Company has also issued to the I. Reich Family Limited Partnership a
seven-year warrant to purchase 22,220,113 shares of Common Stock of the Company
at a price of $.0575 per share.
Before joining SpectruMedix, Mr. Reich served as President and Co-Chief
Executive Officer of Inamed Corporation, a global surgical and medical device
company engaged in the development, manufacturing and marketing of products for
the plastic and reconstructive surgery, aesthetic medicine and obesity markets.
"I am excited to be joining the SpectruMedix team," Mr. Reich said. "I know that
the Company has superior technology and is well regarded by its customers. In
addition, the fields of DNA sequencing analysis and high throughput screening
analysis offer excellent growth potential. I am confident that with the support
of the Board of Directors and the Company's outstanding employees, including its
researchers and the management team, we can increase sales and put SpectruMedix
on the path to profitability."
"We welcome Ilan Reich's interest in our Company, and we look forward to working
with him to take SpectruMedix to the next phase in its development. We are
delighted and fortunate to have attracted an executive with his demonstrated
talents," said Stephen Wertheimer, a member of the Board of Directors. "While we
are highly appreciative of Dr. Adlerstein's contributions to the development of
the Company's technology, at this stage, the Company needs management that is
oriented toward increasing sales and profitability.
SpectruMedix is a U.S. company focused on the marketing and sales of two
principal products, high-speed and high throughput DNA sequencing and genetic
analysis instrumentation for the acquisition, analysis, and management of
complex genetic information, and high throughput screening, massive parallel
capillary electrophoresis systems for drug discovery. The DNA sequencing and
high throughput screening instrumentation were developed in part from research
efforts conducted at the United States Department of Energy's Ames Laboratory,
which is operated by Iowa State University's Institute for Physical Research and
Technology. In addition, a result of initial research conducted at the
University of Pennsylvania Medical Center in Philadelphia, the Company is
involved in the development of instrumentation and methodology to rapidly and
accurately diagnose all pulmonary diseases as well as assess and monitor
pulmonary function in order to optimally treat such patients.
Except for historical information contained herein, the statements made in this
release constitute forward-looking statements that involve certain risks and
uncertainties. Certain factors may cause actual results to differ materially
from those contained in the forward-looking statements, including the ability of
SpectruMedix to commercialize and market the DNA sequencer and high throughput
screening instrumentation, the availability of funding to realize SpectruMedix's
plans and other risks detailed from time to time in SpectruMedix's reports on
file at the Securities and Exchange Commission, including SpectruMedix's Form
10-KSB for the fiscal year ended March 31, 2000 and the Quarterly Report on Form
10-QSB for the quarter ended December 31, 2000, each as filed with the
Securities and Exchange Commission. SpectruMedix disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
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SOURCE SpectruMedix Corporation
CONTACT: Ilan Reich of SpectruMedix, 814-867-8600
URL: spectrumedix.com
prnewswire.com
Copyright (C) 2001 PR Newswire. All rights reserved.
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KEYWORD: Pennsylvania
New York
INDUSTRY KEYWORD: MTC
SUBJECT CODE: PER
*** end of story ***
(COMTEX) B: SpectruMedix Corporation Announces Capital Infusion and Mana
B: SpectruMedix Corporation Announces Capital Infusion and Management Changes
STATE COLLEGE, Pa., Jul 9, 2001 /PRNewswire via COMTEX/ -- SpectruMedix
Corporation (OTC Bulletin Board: SMDX) announced today that it has received a $1
million capital infusion from New York investor Ilan Reich, and that Mr. Reich
had assumed the offices of Chairman and Chief Executive Officer, effective
immediately.
Mr. Reich replaces Dr. Joseph Adlerstein in those positions. Dr. Adlerstein will
no longer be associated with SpectruMedix.
The I. Reich Family Limited Partnership, an entity affiliated with Mr. Reich,
has purchased 100 shares of Series C Convertible Preferred Stock, each of which
is convertible into 20,000 shares of Common Stock. Each share of Series C
Convertible Stock is entitled to thirteen votes for each share of Common Stock
issuable upon conversion of a share of Series C Preferred Stock. The holders of
Series C Convertible Preferred Stock, voting separately as a class, also have
the right to elect three members to the Board of Directors of the Company.
The I. Reich Family Limited Partnership has also purchased a $300,000 6%
Convertible Note due July 9, 2004 and a $600,000 6% Secured Note due July 9,
2004 from the Company. The Secured Note is secured by the Company's accounts
receivable, inventory and certain intellectual property. Under the Notes, the
Company has the option to defer interest payable until the maturity date. The
convertible note is convertible into shares of the Company's Common Stock at a
conversion price of $.0575 per share.
The Company has also issued to the I. Reich Family Limited Partnership a
seven-year warrant to purchase 22,220,113 shares of Common Stock of the Company
at a price of $.0575 per share.
Before joining SpectruMedix, Mr. Reich served as President and Co-Chief
Executive Officer of Inamed Corporation, a global surgical and medical device
company engaged in the development, manufacturing and marketing of products for
the plastic and reconstructive surgery, aesthetic medicine and obesity markets.
"I am excited to be joining the SpectruMedix team," Mr. Reich said. "I know that
the Company has superior technology and is well regarded by its customers. In
addition, the fields of DNA sequencing analysis and high throughput screening
analysis offer excellent growth potential. I am confident that with the support
of the Board of Directors and the Company's outstanding employees, including its
researchers and the management team, we can increase sales and put SpectruMedix
on the path to profitability."
"We welcome Ilan Reich's interest in our Company, and we look forward to working
with him to take SpectruMedix to the next phase in its development. We are
delighted and fortunate to have attracted an executive with his demonstrated
talents," said Stephen Wertheimer, a member of the Board of Directors. "While we
are highly appreciative of Dr. Adlerstein's contributions to the development of
the Company's technology, at this stage, the Company needs management that is
oriented toward increasing sales and profitability.
SpectruMedix is a U.S. company focused on the marketing and sales of two
principal products, high-speed and high throughput DNA sequencing and genetic
analysis instrumentation for the acquisition, analysis, and management of
complex genetic information, and high throughput screening, massive parallel
capillary electrophoresis systems for drug discovery. The DNA sequencing and
high throughput screening instrumentation were developed in part from research
efforts conducted at the United States Department of Energy's Ames Laboratory, |
