LAGUNA HILLS, Calif., Aug 26, 2003 /PRNewswire-FirstCall via COMTEX/ -- Global
Medical Products Holdings, Inc. (OTC: GMDP) announced today that it has entered
into definitive negotiations for a 3 million dollar financing package. The
negotiations are with a Far Eastern investor and are anticipated to close
shortly.
According to Doug Brown, President of Global Medical Products Holdings, Inc.,
"this will allow the Company to move forward on all aspects of its acquisition
plan. Previously announced closure settlements using restricted stock in the
Company are being rewritten whereby the consideration for the acquisitions will
be in cash. The restricted stock that was previously issued and held in trust
pending the final closure will be returned and cancelled."
The use of proceeds will be as follows:
-- $1,500,000 to eliminate existing liens on property being purchased in
Alabama
-- $400,000 which represents first two payments to Shanghai Ecom
-- $175,000 to satisfy a December 31, 2003 note due on EZ Trac Labs
-- $150,000 as part of the antibacterial licensing agreement previously
announced
-- Balance to be used as working capital and the elimination of the
amounts owed under Current Liabilities
The net results from certain payments would result in the recapture of
approximately 18,000,000 shares of common stock that have been prior issued.
Legal Notice Regarding Forward-Looking Statements: "Forward-looking statements"
as defined in the Private Securities Litigation Reform Act of 1995 may be
included in this news release. These statements relate to future events or our
future financial performance. These statements are only predictions and may
differ materially from actual future results or events. Global Medical Products
Holdings, Inc. disclaims any intention or obligation to revise any
forward-looking statements whether as a result of new information, future
developments or otherwise. There are important risk factors that could cause
actual results to differ from those contained in forward-looking statements,
including, but not limited to risks associated with changes in general economic
and business conditions, actions of our competitors, the extent to which we are
able to develop new services and markets for our services, the time and expense
involved in such development activities, the level of demand and market
acceptance of our services and changes in our business strategies.
For further information, please contact: Doug Brown of Global Medical Products
Holdings, Inc., +1-619-222-2568.
SOURCE Global Medical Products Holdings, Inc.
CONTACT: Doug Brown of Global Medical Products Holdings, Inc.,
+1-619-222-2568 |
