STONY BROOK, N.Y., March 22 /PRNewswire-FirstCall/ -- Applied DNA Sciences, Inc. , a DNA security solutions company, today announced the sale of $1.5 million of 10% Secured Convertible Promissory Notes and Warrants to purchase up to 3,000,000 shares of its common stock in a private placement. Arjent Limited, an affiliate of VC Arjent Ltd., served as the exclusive placement agent in this offering.
Robert Fallah, Co-Chairman of VC Arjent Ltd., stated: “This latest round of financing is a strategic investment designed to fast-track APDN’s path to commerce. We hope it will enable APDN to capitalize on key business opportunities in combating counterfeiting and piracy in private and government sectors.”
Dr. James A. Hayward, CEO of Applied DNA Sciences, stated: “We believe our technology is market ready for our near term customers. APDN can help to provide DNA encryption and authentication technology solutions to address the need for product, brand and intellectual property protection.”
APDN intends to use the net proceeds from this transaction for working capital, including general corporate purposes, capital expenditures, and potential acquisition of complementary companies or technologies. For further details and a discussion about the offering, see our Current Report on Form 8-K, filed on March 8, 2006.
About Applied DNA Sciences, Inc.
Applied DNA Sciences, Inc. (APDN) develops proprietary DNA-embedded security solutions that use plant DNA to verify authenticity and protect corporate and government agencies from counterfeiting, fraud, piracy, product diversion, identity theft and unauthorized intrusion into physical plant and databases. Our common stock is listed on the Over-The-Counter Bulletin Board under the symbol “APDN”. Contact: MeiLin Wan, Applied DNA Sciences, Inc., 25 Health Sciences Drive, Stony Brook, New York 11790; Tel: 631-444-6861; Fax: 631-444.8848 http://www.ADNAS.com.
The statements made by Applied DNA Sciences, Inc. may be forward-looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe the Company’s future plans, projections, strategies and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of Applied DNA Sciences, Inc. Actual results could differ materially from those projected due to changes in interest rates, market competition, changes in the local and national economies, and various other factors detailed from time to time in Applied DNA Sciences’ SEC reports and filings, including our Annual Report on Form 10-KSB, filed on January 12, 2006, our subsequent Quarterly Reports on Form 10-QSB, and our Current Reports on Form 8-K. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
Applied DNA Sciences, Inc.
CONTACT: MeiLin Wan of Applied DNA Sciences, Inc., +1-631-444-6861, orFax: +1-631-444.8848, Meilin.wan@adnas.com
Web site: http://www.ADNAS.com/
