Q-MED ANNOUNCES FINANCING
Q-MED ANNOUNCES FINANCING LAURENCE HARBOR, N.J., March 16 /PRNewswire/ -- Q-Med, Inc.
(NASDAQ: QEKG) today announced that it closed the first phase of a private placement and refinanced its loan facility with First Fidelity Bank. As a result of this transaction, the company issued 447,500 shares to private investors, 203,674 shares to First Fidelity Bank and converted a $1.5 million loan balance due April, 1992 to a three year term loan at 1 percent over prime. The company expects to close the balance of the private placement on or about April 1, 1992.
Cox, president and CEO of Q-Med, commented that "the increase of approximately $1.2 million to Q-Med's net worth and the substantial increase in working capital resulting from these transactions will greatly assist the company's efforts to increase its salesforce, introduce new products and expand its marketing efforts." -0- 3/16/92 /CONTACT: Micheal W. Cox, president and CEO of Q-Med, 908-566-2666 or 800-237-2039/ (QEKG) CO: Q-Med Inc. ST: New Jersey IN: HEA SU: FNC TS-AH -- NY027 -- 8201 03/16/92 10:13 EST
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|Date:||Mar 16, 1992|
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