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ENVIRONMENTAL DIAGNOSTICS, INC. COMPLETES WARRANT CONVERSION

 ENVIRONMENTAL DIAGNOSTICS, INC. COMPLETES WARRANT CONVERSION
 BURLINGTON, N.C., May 11 /PRNewswire/ -- Environmental Diagnostics, Inc. (NASDAQ: EDIT) reported today the completion on April 30, 1992 of its offering of Common Stock following the reduction in the exercise price of several classes of warrants to $4.60 per share. Pursuant to this public offering on Form S-4, the Company received gross proceeds of approximately $1,017,000 and issued an additional 221,170 shares of its Common Stock increasing the total number of outstanding shares to 3,433,469. The Proceeds will be used to pay existing obligations of EDI and for general operating purposes, as well as the capital requirements and operating costs associated with the Company's introduction of its new, patented, one-step immunoassays.
 Josephthal Lyon & Ross, Inc. ("JLRI"), a New York Stock Exchange member, which acted as warrant solicitation agent in the offering, has been retained by EDI to perform investment banking services, including general investment banking advice and possible future financings and acquisitions of companies and/or products that would offer synergy with the Company's diagnostic products.
 Environmental Diagnostics, Inc. is an emerging biodiagnostic company with patented technology for the performance of rapid, on-site immunoassays including one-step assays. The Company currently has products on market or research & development and supply agreements that address the human/clinical, drugs of abuse, U.S. Department of Defense tests for biological substances, veterinary and agridiagnostics and food safety testing markets.
 -0- 5/11/92
 /CONTACT: Peter Heath, Vice President-Finance and Chief Financial Officer, Environmental Diagnostics, Inc., 919-226-6311/
 (EDIT) CO: Environmental Diagnostics, Inc. ST: North Carolina IN: MTC SU:


JZ -- CH004 -- 8596 05/11/92 11:37 EDT
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Publication:PR Newswire
Date:May 11, 1992
Words:275
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