Printer Friendly

AMERICAN BIODYNAMICS, INC. ANNOUNCES PRIVATE PLACEMENT FINANCING

    AMERICAN BIODYNAMICS, INC. ANNOUNCES PRIVATE PLACEMENT FINANCING
    TAMPA, Fla., Feb. 10 /PRNewswire/ -- American Biodynamics, Inc. (NASDAQ:  BDYNF) today announced that it has concluded an agreement with Gateway Investment Advisers, Inc. in Marietta, Ga. to privately place $300,000 of its restricted common stock and warrants.  The company sold 160,000 shares of restricted common stock and 80,000 stock purchase warrants.
    The warrants had an escalating exercise price as follows:  year one - $2.75; year two - $3.25; and, year three - $3.75. ABI reserved a right of first refusal for 12 months on any proposed share sale.  The shares carry no registration rights for 12 months, and then carry only piggyback rights.  Should the warrants be exercised, the underlying shares carry piggyback registration rights.  ABI may call the warrants at an effective price of $0.275 per warrant if ABI's common stock trades at $5.50 for 30 consecutive trading days.
    John V. Hargiss, president, stated, "We are pleased to have Gateway Investment Advisers, Inc. as a long-term investor in ABI.  They share management's view of the USA orthopedic and neurosurgical market for hard and soft tissue products, ABI's viability as a long-term investment, and the strategy by which we intend to gain additional market share and increase profits.  The funds will be used for general working capital purposes."
    American Biodynamics, Inc. offers surgical products which reduce or eliminate the risk of complications from donor tissue grafts and blood. The company is chartered in British Columbia, Canada and has its executive offices in Tampa.
    -0-                        2/10/92
    /CONTACT:  John V. Hargiss or Marti Bruce, of American Biodynamics, 813-979-0016/
    (BDYNF) CO:  American Biodynamics, Inc. ST:  Florida IN:  MTC SU:  FNC AH -- NY048 -- 8277 02/10/92 12:27 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 10, 1992
Words:290
Previous Article:FIRST SECURITY SAVINGS BANK SURPASSES $1 BILLION IN MORTGAGES IN 1991
Next Article:NEW NIELSEN WORKSTATION TO REVOLUTIONIZE DATA MANAGEMENT (Product Announcement)
Topics:


Related Articles
AMERICAN BIODYNAMICS ANNOUNCES ANNUAL MEETING RESULTS
AMERICAN BIODYNAMICS ANNOUNCES PRIVATE PLACEMENT OF $800,000 IN RESTRICTED COMMON STOCK
AMERICAN BIODYNAMICS SHAREHOLDERS APPROVE MOVE OF COMPANY AND NAME CHANGE
BIODYNAMICS INTERNATIONAL ANNOUNCES FDA ACCEPTANCE OF 510 (k) NOTICE RELATED TO AUTOTRANSFUSION SYSTEM
BIODYNAMICS ANNOUNCES EXECUTIVE APPOINTMENTS
BIODYNAMICS REPORTS RECORD 2ND QUARTER SALES AND EARNINGS
BIODYNAMICS' CFO RESIGNS DUE TO HEALTH REASONS
BIODYNAMICS COMPLETES GERMAN ACQUISITION
BIODYNAMICS COMPLETES $6.2 MILLION EQUITY FUNDING
BIODYNAMICS COMPLETES $6.2 MILLION EQUITY FUNDING

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters