STONY BROOK, N.Y., July 19 /PRNewswire-FirstCall/ -- Applied DNA Sciences, Inc. , a DNA security solutions company, today announced the completion of the issuance and sale of $3.95 million of its 10% Secured Convertible Promissory Notes and Warrants. In the first tranche, completed on May 2, 2006, the Company sold 20 units for aggregate gross proceeds of $1,000,000. In the second tranche, completed on June 15, 2006, the Company sold 59 units for aggregate gross proceeds of $2,950,000. Each such unit consists of (i) a $50,000 Principal Amount 10% Secured Convertible Promissory Note and (ii) a warrant to purchase 100,000 shares of the Company’s common stock, exercisable for a period of four years commencing on May 2, 2007, at a price of $0.50 per share. APDN intends to use the net proceeds from this transaction for working capital, including general corporate purposes, capital expenditures, and potential acquisitions of complementary companies or technologies. For further details and a discussion about the offering, see our Current Reports on Form 8-K, filed on June 15, 2006 and March 14, 2006. Arjent Limited, an affiliate of VC Arjent Ltd., served as the exclusive placement agent in this offering.
Dr. James A. Hayward, CEO of Applied DNA Sciences, stated: “Our technology can be strategically applied to help address the universal problem of counterfeits. From currency to pharmaceutics to luxury goods to fine art, we believe we have a ready-to-implement forensic solution to the counterfeit problem faced by governments, companies and individuals.”
In addition to the $3.95 million raised, APDN today publicly announced the prior appointment of Dean Yacov Shamash to its Board of Directors. APDN believes Dean Shamash’s appointment will help expedite the commercialization of its platform DNA encryption and authentication technologies. This appointment was approved by the Board, which also includes Dr. James A. Hayward, Dr. Jun-Jei Sheu and Dr. Sanford Simon.
Dr. James A. Hayward, Chief Executive Officer of APDN, stated, “Dean Shamash’s appointment to our Board is important to the overall strategic development of APDN. We expect to continue focusing our attention on the planning and execution of near-term revenue generating opportunities.”
Dr. Shamash is Vice President for Economic Development and Dean of the College of Engineering and Applied Sciences at Stony Brook University. As Vice President, a position he has held since 2000, Dr. Shamash supervises the University’s three incubators, two New York State Centers for Advanced Technology, the NYS Center of Excellence in Wireless and Information Technology (CEWIT), the Small Business Development Center, and the workforce development programs of the Center for Emerging Technologies. Dr. Shamash is a member of the Board of Directors of the Long Island Software & Technology Network (LISTnet) and the Long Island Forum for Technology (LIFT). He serves on the boards of Keytronic, American Medical Alert, Netsmart Technologies, and Invision.com. A Fellow of the IEEE, he received undergraduate and graduate degrees from the Imperial College of Science and Technology in London, England.
“I am excited and honored to join the Board of Directors for Applied DNA Sciences,” Dr. Shamash said. “I believe Applied DNA is extremely well- positioned for growth and I see exciting opportunities in developing future collaborations with universities and industries.”
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: 631-444-6862; 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., +1-631-444-6862, orFax: +1-631-444.8848, info@adnas.com
Web site: http://www.adnas.com/
