DiaSys Announces $20 Million Letter of Commitment From BH Capital, an Affiliate of Reichmann International for Mergers, Acquisitions and Corporate Expansion.Health & Medical Writers NEW YORK--(BW HealthWire)--March 7, 2001 DiaSys Corporation (AMEX AMEX See: American Stock Exchange :DYX DYX Dyslexia ) today announced that it has accepted a letter of commitment from BH Capital, an affiliate of Reichmann International Development Corporation for up to $20 million in preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. . The Company said that under the commitment, BH Capital will provide DiaSys with up to $20 million for mergers, acquisitions and other corporate expansion programs. The Company said that it is not required to take any monies under the relationship, but has decided to put the financial facility in place to support the Company's continuing merger and acquisition plan. The Company said that it is actively pursuing its search for acquisition candidates, especially in clinical diagnostics, reagent-based testing, and specimen handling systems where the Company has announced several new products. The Company then said that it has agreed to issue to BH Capital a 5-year warrant to purchase up to 200,000 of the Company's common shares in return for the commitment. Reichmann International Development Corporation is a multi-billion dollar real estate and investment company based in Toronto, Canada. In the past year, BH Capital, an affiliate of Reichmann International, purchased $4 million of the Company's preferred shares, which is in addition to the currently disclosed $20 million. DiaSys Corporation designs, develops, manufactures and distributes medical laboratory instruments, consumables, reagents and test kits with applications in urinalysis, microbiology, cytology cytology (sītŏl`əjē), in biology, the study of the structure of all normal and abnormal components of cells and the changes, movements, and transformations of such components. , and oncology. DiaSys is a registered trademark of DiaSys Corporation. The foregoing press release includes "forward looking statements" within the meaning of, and made pursuant to, the 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. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company or events, or timing of events, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company to materially differ from those expressed or implied by such forward looking statements. DiaSys refers interested parties to its most recent Annual Report on form 10-KSB and other SEC filings for a complete description of, and discussions about, the Company. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion