American Dental Technologies acquires rights/contract.SOUTHFIELD, Mich.--(BW HealthWire)--June 25, 1997--American Dental Technologies Inc. ("ADT (Asynchronous Data Transfer) A transmission technique used in ISDN PBXs that dynamically allocates bandwidth. See also abstract data type. ADT - abstract data type ") announced today that is has an agreement with Denics Co., Ltd. ("Denics"), to cancel its Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. joint venture agreement and for ADT to purchase Denics' rights in the joint venture to manufacture, market, distribute and sell dental air abrasive and laser products in the Pacific Rim for $1 million. Upon the cancellation of the joint venture, Denics will return 53,547 shares of ADT common stock that was previously issued under the joint venture agreement. In addition, Denics agreed to extinguish Extinguish Retire or pay off debt. the $600,000 note payable plus accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. , for a payment from ADT of $500,000. "We are excited about our prospects in the Pacific Rim," said Ben J. Gallant, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ADT. "In the second quarter of 1997, we have established new dental distributors in eight countries in the Pacific Rim territory." "I am also pleased to announce that Denics will continue to distribute ADT's products in Japan. ADT has received a firm contract/purchase order from Denics for lasers totaling $3,325,000 beginning in September 1997 through March 1999 for distribution in Japan," said Ben J. Gallant. Headquartered in Southfield, American Dental Technologies develops and manufactures advanced technologies for dentistry and markets them worldwide. It is listed on the Nasdaq SmallCap Market under the symbol ADLI. CONTACT: American Dental Technologies Inc., Southfield Diane Miller Diane Miller is a fictional character on the ABC soap opera, General Hospital. She has been portrayed by Carolyn Hennesy since January 3, 2007. Character history Diane was introduced as the new attorney of Port Charles mobster Sonny Corinthos. , 248/353-5300 |
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