Nyer Medical Group, Inc. Signs Agreements With Institutional Investors Raising $400,000
BANGOR, Maine, April 18 /PRNewswire-FirstCall/ -- Nyer Medical Group, Inc. today announced that on April 15, 2005, the Company entered into agreements for the private placement sale of their common shares and warrants with two institutional investors for aggregate gross proceeds of $400,000.
The Company issued to the investors 193,237 shares of common stock at a price of $2.07 per share. The investors also received warrants to purchase 53,320 shares of common stock over a five-year period at an exercise price of $ 2.60 per share. Furthermore, the Company has agreed to file a registration statement with the Securities and Exchange Commission no later than November 15, 2005 to permit resales of the common stock by the investors, including the common stock issuable upon exercise of the warrants. The exercise price of the warrants are subject to adjustment for standard anti-dilution relating to stock splits, combinations and the like and for subsequent equity sales at a price less than the exercise price of the warrants.
Karen Wright, President and Chief Executive Officer, stated, "The proceeds from this private placement will be used for working capital and to fund potential acquisitions in both the pharmacy and medical segments. This fits well with the Company's plan for continued profitability, growth and increasing shareholder equity."
Nyer Medical Group, Inc., is a holding company that operates pharmacies in the greater Boston area and a medical products distribution business that distributes and markets medical equipment and supplies products through distribution centers located in New England, South Florida and Nevada.
For further information contact Alliance Capital Resources, Inc., Jack Sutton (909) 597-2476.
Safe Harbor under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. All statements in this release that are not historical facts, including, but not limited to, statements regarding the Company's using funds for working capital and potential acquisitions in both the pharmacy and medical segments and the Company's plan for continued profitability, growth and increasing shareholder equity, are forward-looking statements and are subject to risk and uncertainties. Such risk and uncertainties include, but are not limited to, sustained profitability, any possible change in our core business and changes in the capital equity markets. Nyer does not undertake any obligation to update these forward-looking statements.Nyer Medical Group, Inc.
CONTACT: Jack Sutton of Alliance Capital Resources, Inc., +1-909-597-2476
Web site: http://nyermedicalgroup.com/