DiaSys Reports End Of Its Convertible Preferred Stock.Business Editors WATERBURY, Conn.--(BUSINESS WIRE)--April 23, 2002 DiaSys Corporation (AMEX AMEX See: American Stock Exchange : DYX DYX Dyslexia ) today reported that BH Capital and Excalibur Partners (holders of the Company's Convertible Preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". ) and a group of purchasers led by the officers and directors of DiaSys, have completed the exercise and purchase of the Company's Convertible 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. for $1.5 million. The Company further reported that all transactions under the Stock Purchase agreement announced April 4, 2002, including cancellation of warrants to purchase some 550,000 common shares, have been completed. Todd M. DeMatteo, DiaSys' President and 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. said: "As with many smaller-cap, high-techs, this past year has been very trying for the Company's stock price. Against this tumultuous environment, we have identified the several measures we think necessary to maintain an orderly market for our securities, and have steadfastly pursued these measures while we continue to grow the Company's business. Today's announcement marks two favorable developments for DiaSys: removal of the uncertainty as to the dilutive effect of the Convertible Preferred shares (and some 550,000 warrants) and a substantial increase in ownership of DiaSys by its officers and directors." About DiaSys Corporation DiaSys Corporation designs, develops, manufactures and distributes proprietary medical laboratory equipment, consumables and test kits to healthcare laboratories worldwide. The Company is headquartered in Waterbury, CT. It operates in Europe through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. based in Wokingham, England; and, in Pacific Asia through its strategic business partner located in Guangzhou China. 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 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 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. |
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