BulbaMan,
You've been quiet of late. I see SMDX has recent news and finally, a reasonable spread. Trickle is thinking of taking a little flier here with its limited cash.
>>New York, New York, Jul 10, 2001 (Market News Publishing via COMTEX) -- SpectruMedix Corporation announced 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.<<
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Cheers, Tuck |
