Austin Medical Technologies, Inc. Announced Today That It Claims to Be A Victim of Financing Fraud
DALLAS, April 21 /PRNewswire-FirstCall/ -- Austin Medical Technologies, Inc. (OTC Pink Sheets: AMTV) announced today that it claims to be a victim of financing fraud. The company closed a financial transaction on December 5th 2002 in the amount of $1,750,000 (USD), and as of April 21st 2003, the company has not received these funds.
The loan was closed at the offices of Lloyd Ward and Associates, located at 2201 West Royal Lane, Suite 212, Irving, Texas 75063. The representative for Lloyd Ward stated that the funds were confirmed and would be disbursed to Austin Medical Technologies, Inc. on the 11th of December 2002. This loan was made between Austin Medical Technologies, Inc. and the United Indian Credit Union (UICU). June Driskell, of Driskell Financial with offices located at 1109 Bedford Rd., Suite B, Bedford, Texas 76022, acted as agent for the UICU.
Keith Tarter, CEO of Austin Medical Technologies said, "The failure of the financial institution to perform on this financing, has caused material harm to the company in its ability to bring on new business, keep its commitments with its partners and deliver the service levels its customers have come to expect. We are very grateful to our customers, partners, shareholders and suppliers for their support during this difficult period. Local, state and federal authorities have been notified." Tarter went on to say, "Shareholder value has been adversely impacted and corrective action will need to be taken. The long-term outlook for the company is good and alternate financing options are being pursued."
About Austin Medical Technologies, Inc.
Austin Medical Technologies delivers "DIRECT" from the manufacturer to the Surgeon, the only technology-based "Single Source Supply Solution" for custom sterile procedure trays (CPT) and medical devices dedicated exclusively to the multi-specialty Ambulatory Surgery Center (ASC) market. Under the brand name eyeDirecti, Austin MedTech is initially focused on Ophthalmology owned and operated ASCs which consist of 2,500 practices with 15,000 surgeons performing 4.4 million surgical procedures annually at a supply cost of $400,000,000 per year. Visit our e-commerce site at www.eyeDirecti.com .
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this communication (as well as information included in oral statements or other written statements made or to be made by Austin Medical Technologies, Inc. or its wholly owned subsidiaries) contains statements that are forward-looking, such as statements relating to the future anticipated direction of the medical and technology industries and plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of Austin Medical Technologies or its wholly owned subsidiaries. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financial activities, domestic and global economic conditions, changes in federal or state tax laws, and market competition factors.
SOURCE Austin Medical Technologies, Inc.
CO: Austin Medical Technologies, Inc.; Lloyd Ward and Associates; United Indian Credit Union; Driskell Financial
ST: Texas
SU: LAW
prnewswire.com
04/21/2003 11:07 EDT |
