SCOTTSDALE, Ariz.--(BUSINESS WIRE)--July 6, 2000--Meditech
Pharmaceuticals Inc. (OTC BB:MDCH), an Arizona based drug researcher,
manufacturer and marketer, Thursday announced that it has secured a
$30 million agreement from an institutional investor.
Meditech Chief Executive Officer Gerald Kern stated, "We are
extremely pleased to have entered into this financial arrangement with
this institutional investor. The availability of this financing of up
to $30,000,000, if and when completed, will allow us to move forward
rapidly in accomplishing the steps necessary for marketing our
products in the US and abroad."
The financial agreement calls for a private equity line for the
purchase of common stock, subject to registration and certain other
conditions, and limited to a percentage of dollar trading volume.
Based upon the availability of these funds, the new capital will be
used for completing final tests on Meditech's OTC drug Zorex, for
inventory, marketing, sales expenses and general operating expenses.
This will enable Meditech to compete with other companies in the
OTC and ethical drug markets and to further develop its line of OTC,
ethical and agricultural products.
Meditech has been involved in the research and development of OTC
and ethical pharmaceuticals since 1983. The company is entered into a
research and licensing joint venture with Immune Network Research Ltd.
(CDNX:IMM) of Vancouver, Canada earlier this year. Laboratory tests
conducted under the direction of IMM have shown promising results.
The company is also sponsoring agricultural tests of another of
its products for use against a variety of organisms which affect
agricultural crops and products.
Meditech Pharmaceuticals Inc. is a Nevada corporation based in
Scottsdale. Meditech trades on the OTC-BB with the symbol MDCH.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained in this release that are
not historical facts are forward-looking statements subject to risks
and uncertainties which could cause actual results to differ
materially from those set forth in or implied by forward-looking
statements.
These risks are described in detail in the company's Securities
and Exchange Commission filings.
--30--sig/ix*
CONTACT: Meditech Pharmaceuticals Inc., Scottsdale
Steven Kern, 480/614-2874
Fax: 480/614-0560
Internet: mdch.net
E-mail: contact@mdch.net
KEYWORD: ARIZONA
INDUSTRY KEYWORD: FOODS/BEVERAGES MEDICAL PHARMACEUTICAL
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