REPEAT/XiTec, Inc. Completes Funding.Business/Health Editors REPEATING... EAST WINDSOR, Conn.--(BW HealthWire)--Jan. 31, 2000 XiTec, Inc. announced the successful completion of the funding of its Reorganization Plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. . The company stated that the equity investment was led by Medical and Technology Applications LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a company formed by a group of private accredited investors to purchase newly issued Series B 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. from XiTec. The Reorganization Plan significantly improved the company's balance sheet with substantially all debt converting to equity combined with the new capital infusion Capital infusion Often refers to the cross-subsidization of divisions within a firm. When one division is not doing well, it might benefit from an infusion of new funds from the more successful divisions. . &uot;The significantly stronger financial position of our company, coupled with the near term launch of new products offering competitive value in our markets, favorably postures our company for profitable growth,&uot; according to Michael J. Sullivan Some people have been named "Michael J. Sullivan":
Recently the company strengthened its management team with the addition of Larry Ashton, John Aucoin and Jason Stansfield who will head up the Marketing and Sales, Finance and Administration and Manufacturing sectors, respectively. Sullivan said, &uot;Messrs. Ashton, Aucoin and Stansfield have the relevant experience and knowledge of our industry to solidify the company's infrastructure and enhance our chances of achieving our near and longer term growth objectives.&uot; XiTec designs, develops and distributes mini C-arm fluoroscopic Fluoroscopic (fluoroscopy) An x-ray procedure that produces immediate images and motion on a screen. The images look like those seen at airport baggage security stations. Mentioned in: Hypotonic Duodenography imaging systems with human medical and veterinary applications as well as x-ray generators designed for other medical device manufacturers on an OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and basis. This press release contains forward-looking statements, including statements regarding the company's plans and expectations regarding the success of its products and technology. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation, general risks associated with product development, technological change, competition and changing market conditions. The forward-looking statements contained herein speak only as of the date of this press release. The company disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the company's expectations or any change in events, conditions or circumstances on which any such statement is based. |
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