Psychemedics Corporation investors increase ownership with warrant exercise; Company receives $1,620,000 in cash.CAMBRIDGE, Mass.--(BUSINESS WIRE)--April 16, 1996--Psychemedics Corporation (AMEX AMEX See: American Stock Exchange :PMD (Polarization Mode Dispersion) The type of dispersion that occurs in singlemode fiber due to a lack of perfect symmetry in the fiber and from external pressures on the cable. Light travels over singlemode fiber in two polarization states. ) today announced that a group of investors have exercised warrants to purchase 810,000 shares of common stock for $1,620,000. The investor group includes H. Wayne Huizenga Harry Wayne Huizenga (born on December 29, 1937 in Evergreen Park, Illinois) is an American businessman who has built several companies into multi-billion dollar enterprises, mostly through an aggressive process of acquisitions. , Ft. Lauderdale, Florida and Donald F. Flynn, John Melk and Fred Weinert of Chicago, Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. . The warrants were issued as part of a private placement financing for the company in 1991. Messrs., Flynn, Melk and Weinert also serve as directors of Psychemedics Corporation. Raymond C. Kubacki, 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. of Psychemedics Corporation said, "We are pleased that these distinguished investors have decided to increase their common stock holdings in our company. We greatly appreciate their many years of support and interest in Psychemedics. With this warrant exercise, our balance sheet now includes $7,000,000 in cash and no debt." Psychemedics Corporation offers the only patented test for drugs of abuse using human hair. The Psychemedics' method can detect drug usage for the previous 90 days, as compared to 3 days using urine urine, clear, amber-colored fluid formed by the kidneys that carries metabolic wastes out of the body (see urinary system). As the blood circulates it collects excretory products from the tissues and these substances are separated from the blood by the kidneys and testing. "Side-by-side" tests using the Psychemedics' hair test versus urinalysis urinalysis (y  r'ənăl`ĭsĭs), clinical examination of urine for the purpose of medical diagnosis. normally indicates that the Psychemedics' method detects up to 10 times more drug users. The company has experienced rapid growth and currently serves over 600 clients including Federal Reserve Banks, manufacturing and service companies (including a number in the Fortune 500), casinos A list of casinos. Antigua and Barbuda
Psychemedics Corporation also offers the PDT-90 personal drug testing service, a testing service made available through in-home sample collection for parents concerned about teenage drug use. The PDT-90 service allows a parent to collect a sample of the child's hair in the privacy of the home, have it tested at Psychemedics' licensed laboratory, and receive the results quickly and confidentially. The PDT-90 testing service can be ordered by parents calling 1-800-99-PDT-90. Recent studies show that drug use among teenagers has increased in each of the last four years. The Company believes its PDT-90 testing service to be a valuable tool for parents in monitoring this potentially deadly problem. The Company believes its patented hair testing technology to be state-of-the-art and will continue to market it aggressively in both the corporate and private sectors. CONTACT: Raymond C. Kubacki, Psychemedics Corporation (617) 868-7455 |
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