CDEX Inc. Successfully Completes Financial Restructuring and Emerges With Strong Balance Sheet and Growth Capital
Published: Oct 15, 2012
TUCSON, AZ--(Marketwire - October 15, 2012) - CDEX Inc. (OTCQB: CEXID), a leading developer of chemical detection products using patented technologies for use in healthcare, safety and security markets, today announced the completion of its financial restructuring emerging with no debt and working capital for growth. The Company's share trading symbol has been changed from CEXIQ to CEXID to reflect the company's success transition from bankruptcy status. The CDEX common stock has also undergone a one-for-ten reverse split in pursuant to the Plan of Reorganization as previously disclosed in its 8-K filing.
"Today marks a significant milestone and the launch of a stronger positioned company with a clean balance sheet, growth capital, a robust product pipeline supported by intellectual property assets," said Jeff Brumfield, chairman and chief executive officer of CDEX. "We expect very good things resulting from the reorganization resulting from the overwhelming support of our shareholders and key stakeholders. Interest in our products has remained very strong as we continued to operate and market to our key target customers. As an example we expect our ValiMed G4, one of our frontline products, will be implemented live for the first time in multiple institutions across the nation by year end. We believe the ValiMed G4 promises to have a positive impact on healthcare; including improved medication safety and reduction of healthcare costs for both providers and patients. The funds essential to emerge from bankruptcy were raised through the sale of $700 thousand of new shares of common stock, reflecting the shareholders' strong belief in the future equity value of the company. We are excited by the opportunity to drive sales, create a safer world and build value for shareholders."
About CDEX Inc.
CDEX develops, manufactures and globally distributes products to the healthcare, safety and security markets. The ValiMed™ product line provides life-saving validation of high-risk medications and pharmacy returned narcotics. The ID2™ product line detects trace amounts of illegal drugs, such as methamphetamine. CDEX expects to advance its patented technologies to serve additional markets in the future where its proprietary products can be launched. To learn more about CDEX please visit: www.cdex-inc.com.
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Chairman and CEO