WESTON, Fla., Feb. 7, 2011 /PRNewswire/ -- American Scientific Resources, Inc. (the “Company” or “ASR”) (Pink Sheets: ASFX) at http://americansci.com wishes to announces that it is has signed a $10 million Equity Line Agreement with Southridge Partners, II LP, an institutional investor.
(Logo: http://photos.prnewswire.com/prnh/20110124/NY34439LOGO)
Dr. Christopher F. Tirotta, Chief Executive Officer and Chairman of American Scientific Resources, Inc. stated, “We are pleased to have secured this equity line with Southridge, a forward thinking institutional investor which provides future flexibility in capital raising. We plan to use the proceeds, as needed from the agreement, to support the international roll-out of our new VeraTemp Non-Contact thermometer.”
ASR will have the right, but is not obligated, to sell up to $10,000,000 of its common stock to Southridge depending on certain conditions as set forth in the purchase agreement, including having a registration statement declared effective by the Securities and Exchange Commission,” stated Dr. Tirotta.
“We are excited to be ASR’s investment partner in this new phase of the company’s development. Southridge is committed to working with ASR as it expands its revenue channels with its two proprietary products,” said Stephen Hicks, CEO and Chairman, Southridge LLC.
“We are thrilled to have the continued support of Southridge,” stated Dr. Tirotta
This press release shall not constitute an offer to issue or sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About American Scientific Resources, Inc.
American Scientific Resources, Inc. is a purpose-driven consumer product manufacturer specializing in the clinical, home healthcare, infant and juvenile product industries. The Company sources and designs innovative health and safety products, develops advanced technology and intellectual property and distributes product through established relationships and channels both in-house and through its ever growing network of leading global healthcare distributors and retailers. Brands under the ASR umbrella include Kidz-Med, Disintegrator Plus, VeraTemp and Mebby.
For more information, visit the corporate web site at www.americansci.com, Kidz-Med at www.kidzmed.com and Disintegrator Plus at www.disintegratorplus.com.
Safe Harbor
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
Contact | |
Investors: | |
American Scientific Resources Investor Relations | |
561-948-4863 | |
SOURCE American Scientific Resources, Inc.