Avitar Announces Officers to Convert Debt to Equity.CANTON Canton, cities, United States Canton. 1 City (1990 pop. 13,922), Fulton co., W central Ill., in the corn belt; inc. 1849. It is a trade and industrial center for a coal and farm area. 2 Town (1990 pop. 18,530), Norfolk co. , Mass.--(BUSINESS WIRE)--March 24, 1998--Avitar, Inc. (Nasdaq SmallCap Market: AVIT AVIT Aarupadai Veedu Institute of Technology AVIT Audiovisual Instructional Technology ) announced that its Chairman and President will convert approximately $400,000 of the debt which the Company owes them to equity. The equity will be in the form of restricted "144 stock." Mr. Jay Leatherman, Vice President & Chief Financial Officer, commented, "This conversion by our senior officers will help strengthen our balance sheet by adding equity of $400,000 to our net tangible assets Net Tangible Assets Calculated as the total assets of a company, minus any intangible assets such as goodwill, patents and trademarks, less all liabilities and the par value of preferred stock. Also known as "net asset value" or "book value". and will greatly reduce the debt service obligations of the Company. This action indicates the long-term commitment of the senior management and their optimism about Avitar's future." Avitar, Inc. designs, develops, manufactures and markets healthcare products and services including a proprietary line of polyurethane polyurethane Any of a class of very versatile polymers that are made into flexible and rigid foams, fibres, elastomers (elastic polymers), surface coatings, and adhesives. wound care dressings and rapid diagnostic test products. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " statement under the Private Securities Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties, as are detailed from time to time in the Company's fillings with the Securities and Exchange Commission. CONTACT: Avitar, Inc. Peter Phildius, Chairman of the Board 781/821-2440 Jay Leatherman, Chief Financial Officer 781/821-2440 website: http://www.avitarinc.com email: corporate@avitarinc.com |
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