Bigmar, Inc. Secures $10 Million Equity Financing From Fusion Capital.Business Editors JOHNSTOWN, Ohio--(BUSINESS WIRE)--Nov. 19, 2001 Bigmar, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : BGMR BGMR Bigmar Inc. (stock symbol) ), a manufacturer of generic pharmaceutical oncology products and intravenous solutions, announced today that it has entered into a common stock purchase agreement with Fusion Capital Fund II, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a Chicago-based institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. , whereby Fusion Capital has agreed, subject to certain conditions, to buy up to $10 million of the Company's common stock over a 40 month period. The purchase price of the shares to be sold to Fusion Capital will be based upon the market price of Bigmar's common stock at the time of the sale without any fixed discount. The Company has the right to control the timing and the amount of stock sold to Fusion Capital. Bigmar intends to periodically evaluate market conditions and its capital needs in order to determine the amount of stock it will sell to Fusion Capital. Bigmar intends to use this facility opportunistically under favorable market conditions. The proceeds from the funding will be used for working capital and general corporate purposes. The commencement of the funding is subject to certain conditions including the effectiveness of a registration statement. "We are very pleased with the flexibility and favorable terms of this financing and we are excited about Fusion Capital's equity commitment and partnership with Bigmar," stated Cynthia May, President. "This is yet another positive milestone in our goal to enhance the position of both our intravenous solutions and our generic oncology businesses. Together with the $6.8 million distribution agreement with Baxter announced in July of this year, we believe the transaction with Fusion Capital can help the company continue to increase its market position in its solution business and to expand core offerings in the oncology business in both the European and domestic markets." About Bigmar, Inc. Bigmar, Inc., founded in 1995, consists of three wholly-owned subsidiaries: Bioren SA, Bigmar Pharmaceuticals SA and Bigmar Therapeutics. Through these subsidiaries the company manufactures generic pharmaceutical oncology products and intravenous infusion solutions, marketing these products in Europe, the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and other countries primarily through pharmaceutical distributors. The company has manufacturing facilities in Switzerland, laboratory facilities in Johnstown, Ohio Johnstown is a village in Licking County, Ohio, United States. The population was 3,440 at the 2000 census. Johnstown was the home of William A. Ashbrook, an American businessman, newspaper publisher, and Democratic politician from Ohio. and administrative offices in Saginaw, Michigan Saginaw is a city in the U.S. state of Michigan. As of the 2000 census, the city had a total population of 61,799. The 2006 population estimate was 57,523.[1] It is the county seat of Saginaw County[2] . About Fusion Capital Fund II, LLC Fusion Capital Fund II, LLC, is a broad based investment fund, based in Chicago, Illinois. Fusion Capital makes a wide range of investments ranging from special situation financing to long-term strategic capital. 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 Statements in this press release that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties. No assurance can be given that the Company will successfully develop or commercialize its products, complete clinical trials, obtain regulatory approvals (or that any such approvals will be obtained on a timely basis) or be able to manufacture or successfully commercialize such products. Actual results may differ from those described in this press release due to risks and uncertainties that exist in the Company's operations, including without limitation, the ability to obtain additional financing to continue operations when needed, a history of operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. and accumulated deficits, the Company's reliance on collaborative relationships, and uncertainties related to clinical trials, the ability to obtain the appropriate regulatory approvals and market acceptance, as well as other risks detailed from time to time in public filings with the Securities and Exchange Commission, such as the Company's Annual Report on Form 10-KSB and its most recent Registration Statement on Form S-3. Actual results may differ from those currently anticipated as a result of such risks and results from interim periods are not necessarily indicative of results to be expected for the full year. The Company undertakes no obligation to release publicly the results of any revision to these forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. to reflect events or circumstances arising after the date hereof. These statements are made pursuant to the Safe Harbor provisions of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995. |
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