Choice Drug Systems announces completion of private placement offering.BALTIMORE--(BUSINESS WIRE)--Aug. 31, 1995--Choice Drug Systems Inc. (Nasdaq National Market: DOSE (common stock), DOSEW (warrants)) today announced that it completed on August 30th a $15,330,000 financing in a private placement offering of 3,500,000 shares of restricted common stock at a price of $4.38 per share. Counsel Corporation (Nasdaq/NMS:CXSNF) purchased 1,311,237 shares in the offering, increasing its percentage ownership of the Company's common stock to 29.6%. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the private placement offering of approximately $15,000,000 will be used to reduce corporate indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. and to fund the Company's expansion plans, which includes acquisitions. Morris Perlis Perlis (pûr`lĭs), state (1991 pop. 184,070), 310 sq mi (803 sq km), Malaysia, central Malay Peninsula, on the Andaman Sea. The smallest of the states of Malaysia, it is bordered on the N and E by Thailand and on the SE by Kedah, of which it , Vice Chairman, commented, "As the Company continues to expand its presence in the institutional pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. industry, we are seeing increasing opportunities to grow both internally and through acquisitions. We believe that the completion of this private placement will provide us with sufficient capital to support this growth strategy." Choice Drug Systems, Inc. is a leading provider of extended care institutional pharmacy services to nursing homes, correctional facilities and HMOs. Choice Drug services accounts throughout 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. . CONTACT: Choice Drug Systems, Inc. Morris Perlis, Vice Chairman, 416/866-3193 or The Equity Group Inc. Devin Sullivan, 212/836-9608 Robert Goldstein Gold·stein , Joseph Leonard Born 1940. American biochemist. He shared a 1985 Nobel Prize for discoveries related to cholesterol metabolism. , 212/371-8660 or Counsel Corporation Ivan Shaffer, Sr. VP, Corp. Communications, 416/866-3187 |
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