SUNNYVALE, Calif., Oct. 14, 2013 /PRNewswire/ -- ARRAYit Corporation (OTCQB: ARYC) is pleased to announce a non brokered financing with selected accredited investors at 30 cents with 50% warrant coverage at $0.45. Closing to be 10/18/13.
ARRAYit is also pleased to announce that Sid Taubenfeld R.Ph has joined the Board Of Directors effective immediately.
Mr. Taubenfeld is a well known Wall Street healthcare analyst who has worked at major Wall Street hedge funds, including Balyasny Asset Management (BAM), RH Capital and PAW Partners. Additionally, Mr. Taubenfeld served as Director of Communications and Strategic Initiatives for Celsion Corp. from 2010-2011 where he facilitated capital raising. Mr. Taubenfeld is a registered pharmacist and started his career as a clinical pharmacist in the area of critical medicine and Total Parenteral Nutrition at Bellevue Hospital in NY.
About ARRAYit Corporation
ARRAYit Corporation is a Sunnyvale, California-based company leading and empowering the genetic, research, pharmaceutical, and diagnostic communities through the discovery, development, and manufacture of proprietary life science technologies and consumables for disease prevention, treatment and cure. The company's innovative products and services help scientists and clinicians explore the human genome as well as the genomes of plants and animals. ARRAYit's products are used by nearly every major research center in the world.
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Safe Harbor Statement
Except for historical information contained herein, statements made in this release that constitute forward-looking statements are based on currently available information, involve certain risks and uncertainties and the Company assumes no responsibility to update any such forward-looking statement. The following factors, among others, may cause actual results to differ materially from the results suggested in the forward-looking statements. Risks that may result from changes in the Company's business operations; our ability to keep pace with technological advances; significant competition in the biomedical business; our relationships with key suppliers and customers; quality and consumer acceptance of newly introduced products; market volatility; non-availability of product; excess inventory; price and product competition; new product introductions, the outcome of our legal disputes; the possibility that the review of our prior filings by the SEC may result in changes to our financial statements; and the possibility that stockholders or regulatory authorities may initiate proceedings against ARRAYit and/or our officers and directors as a result of any restatements. Risk factors associated with our business, including some of the facts set forth herein, are detailed in the Company's Form 10-K for the fiscal year ended December 31, 2012 and Form 10-Q for the fiscal first quarter ended March 31, 2013, Form 10-Q for the fiscal second quarter ended June 30, 2013.
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