DiaSys Reports Stock Purchase Agreement To Retire Convertible Preferred Stock and Cancel Approximately 550,000 Warrants.Business/Medical Editors WATERBURY, Conn.--(BW HealthWire)--April 4, 2002 DiaSys Corporation (AMEX AMEX See: American Stock Exchange : DYX DYX Dyslexia ) today announced that a group of purchasers, comprised mainly of its Officers and Directors, has entered into a stock purchase agreement (Agreement) with BH Capital and Excalibur Partners, holders 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. , to retire all of the Convertible Preferred and underlying common shares for $1.5 million. Under the Agreement, BH and Excalibur also waived their right to receive additional warrants to purchase shares of the Company's common stock, and have forfeited any existing such warrants. The parties expect to complete all such transactions on or before April 8, 2002. Todd M. DeMatteo, the Company's 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: "The existence of the Convertible Preferred has caused uncertainty as to the dilutive effect Dilutive effect Result of a transaction that decreases earnings per common share (EPS). of shares on the market at any given time. Today's announcement ends this uncertainty." He said: "The Company also benefits from the anti-dilutive effect of removing some 550,000 warrants from circulation." Mr. DeMatteo added: "This transaction has strengthened our strategic growth program." 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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