Are these two directors making this loan making a statement to bolster confidence in the company? Not a large loan but it says they are personally supporting the company and its products. Looks like this event scared a lot of people, but maybe we will all just come out OK in the end.
Dick
RESPONSE BIOMEDICAL ANNOUNCES ADDITIONAL LOANS ACCEPTED UNDER LOAN FACILITY
Vancouver, British Columbia, September 5, 2001 - Response Biomedical Corp. (RBM:
CDNX), developer of the RAMP[tm] diagnostic system, announces that it has entered
into two additional loans under the loan facility announced August 23, 2001. The
loans, totaling $120,000 from two directors, are in addition to the $850,000 as
previously announced.
The terms of the loan facility provide for interest to be paid quarterly at an annual
rate of 8%. All loans under the facility are repayable one year from the date of the
first loan, or in advance at the Company's discretion. The Company has agreed to pay
each lender a bonus in the form of common shares equivalent to 20% of the value of
the loan. Bonus shares will be issued at a share price equal to the Discounted Market
Price as defined by the CDNX, but no less than $0.30 per share. All loans entered
into under the loan facility will be secured by the Company's assets. The
transactions under the loan facility are subject to the approval of the CDNX.
About Response Biomedical Corp.
Response Biomedical develops quantitative, diagnostic tests for use with its
proprietary RAMP Reader for clinical, STAT-lab and point-of-care applications. The
RAMP System reduces the cost of healthcare by allowing accurate, rapid and
easy-to-use tests to be performed in hospitals, clinics, laboratories and physicians'
offices worldwide. The Company's platform technology allows for the potential
development of over 250 medical tests that are currently performed by traditional
laboratory methods. Response Biomedical's shares are listed on the Canadian Venture
Exchange under the trading symbol "RBM". For further information, visit the Company's
website at www.responsebio.com.
The Canadian Venture Exchange has not reviewed and does not accept responsibility
for the adequacy of the content of the information contained herein. The statements
made in this press release may contain certain forward-looking statements that
involve a number of risks and uncertainties. Actual events or results may differ from
the Company's expectations.
For more information, please contact:
John Gomez
Manager, Corporate Communications
Response Biomedical Corp.
604 681-4101 tel
604 412-9830 fax
jgomez@responsebio.com |
