American Diversified Group announces commitment for private financing.STAMFORD, Conn.--(BUSINESS WIRE)--Jan. 22, 1997--American Diversified Group Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:ADGI) Wednesday announced that it has received the initial commitment of $100,000 in private placement financing, which amount will be funded this week. This is part of a private placement that will continue for 60 days, the funds from which will be used for general operating capital Noun 1. operating capital - capital available for the operations of a firm (e.g. manufacturing or transportation) as distinct from financial transactions and long-term improvements capital, working capital - assets available for use in the production of further assets for ADGI, and fund its increased sales and marketing efforts in West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. . The increased marketing effort follows ADGI's receipt of approval for pre-export financing from an international banking group to finance ADGI's purchase orders from the Republic of Guinea for pharmaceutical products. Shipment of the initial order of $800,000 should commence in February 1997 and is part of Emerging Trends commitment to generate up to $15 million in orders for ADGI during calendar year 1997. ADGI's principal business efforts involve the distribution of medical products, including generic pharmaceuticals and vitamins, human serum albumin Human serum albumin is the most abundant protein in human blood plasma. It is produced in the liver. Albumin comprises about half of the blood serum protein. It is soluble and monomeric. and FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approved test kits. CONTACT: American Diversified Group Inc., Stamford Dr. Jerrold R. Hinton, 203/328-3092 |
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