NEW PALTZ, N.Y., Oct. 25 /PRNewswire-FirstCall/ -- American Scientific Resources (PNK: ASFX) today announced that it has completed the sale of $1.5 million of Senior Unsecured Convertible Notes (Notes) to a private investment fund. Proceeds from the sale of the Notes are expected to be used primarily for funding the anticipated growth in the Company's core operating divisions, including Heart Smart System and Kidz-Med.
"We are very pleased to announce the closing of this important $1.5 million financing for our company," said Walter Lambert, American Scientific's chairman and chief executive officer. "This funding will help provide the necessary capital to support our business plan and enable us to execute our strategy for long-term growth. We expect the proceeds will be used to expand the rollout of our flagship Heart Smart System as well as additional products for our leading Kidz-Med brand."
Mr. Lambert concluded, "We are confident this financing will meet the current working capital and capital expenditure needs for American Scientific. Our strengthened financial position will enable us to capitalize on the substantial growth opportunities at our company as we increase the distribution of our leading, innovative health care and medical products."
About American Scientific Resources
American Scientific Resources, Inc. is an emerging holding company based in upstate New York that provides a broad range of healthcare and medical products distributed primarily by surgical supply dealers and retail drug chains. The company is comprised of three core operating subsidiaries: 1) Heart Smart System, Inc., the company's flagship product offering focused on successful prevention of cardiovascular disease using patented CoQ10 supplement 2) Kidz-Med, Inc., a leading brand of safe and innovative pediatric products, and 3) Ulster Scientific, Inc., a distributor of unique medical products and laboratory diagnostic equipment founded in 1974. American Scientific Resources' growing, national customer base includes Walgreens, CVS, Cardinal Health and Fisher Scientific.
SAFE HARBOR STATEMENT: This news release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan," or "planned," "will," or "should" "expected," "anticipates," 'draft," "eventually," or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that our products may not achieve customer acceptance or that they will not perform as expected, that customer trials will not lead to future sales, and other risks identified in our annual report on Form 10-K and other filings with the SEC. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements are made as of the date hereof and DVS undertakes no obligation to update such statements.
American Scientific Resources, Inc.CONTACT: Michael Cimini, +1-212-896-1233, mcimini@kcsa.com; or JessicaWolpert, +1-212-896-1289, jwolpert@kcsa.com, both of KCSA Worldwide, forAmerican Scientific Resources, Inc.
