Barringer Technologies completes $750,000 private placement.NEW PROVIDENCE, N.J.--(BUSINESS WIRE)--May 12, 1995--Barringer Technologies Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BARR BARR Board on Agriculture and Renewable Resources (Washington, DC, USA) BARR Bureau of Aeronautics Resident Representative , BARRW) today announced that it had completed a private sale of 125 units to two institutional investors at a purchase price of $6,000 per unit for an aggregate purchase price of $750,000. Each unit consists of 10,000 shares of common stock and a five-year warrant to purchase 10,000 shares of the company's common stock at 50 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , subject to certain anti-dilutive provisions. As an inducement to enter into the transaction and in lieu of a transaction fee, a three-year warrant to purchase 150,000 of the company's common stock at 50 cents per share, subject to certain anti-dilutive provisions, was issued to the purchasers. Stanley Binder, 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. , stated that "the company will use the net proceeds for working capital purposes, principally for manufacturing our new Model 400 IONSCAN(R) and related sales and promotional expenses as well as earmarking $150,000 of the proceeds to develop a sales, marketing and operational infrastructure to support sales of our new in-home drug detection and identification kit marketed under the name DrugAlert." Binder indicated that the company expects to raise additional funds in the near future. Headquartered in New Providence, Barringer Technologies Inc., is a holding company with three operating groups. Barringer Instruments develops, manufactures and markets specialty analytical instruments for drugs and explosives detection, exploration and environmental monitoring applications. Barringer Consumer Products markets an in-home drug detection and identification kit. Barringer Laboratories Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). Symbol:BALB BALB Bagg Albino (inbred research mouse strain) ), which is 47% owned by the company, provides analytical services for the environmental and mineral industries. CONTACT: Barringer Technologies Inc. Stanley Binder or Richard S. Rosenfeld, 908/665-8200 |
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