TUCSON, AZ--(Marketwire - April 16, 2010) - On February 19, 2010 CDEX announced it had entered into a Financial Restructuring Plan that immediately restructured certain existing debt into two year notes, with a provision for extending these notes to other creditors. Today, CDEX Inc. (OTCBB: CEXI) (www.cdexinc.com) announces that the response of CDEX creditors to the Plan has been strong with over 90% of the outstanding notes and over 50% of the accounts payable being converted to long term two year notes or written off. This restructuring of the Company’s financial debt coupled with the $450,000 in financing raised in phase one and the increase in Company revenue from its ValiMed™ MVS product line (see April 14, 2010 Press Release related to new orders) is moving the Company toward financial stability. ValiMed MVS is used to validate the compounding of high-risk liquid medications in a pharmacy setting and also as a verification and trending program to identify and reduce the diversion of return narcotics in hospitals and other healthcare facilities.
“Our creditors have continued to work with us to achieve a stable financial platform for the Company,” said Stephen McCommon, CDEX’s CFO. “As we continue to seek investment funding, the financial picture is beginning to clear, particularly with the upturn in ValiMed MVS orders across the country. With these increased orders, 2010 is continuing to look like a return to record revenues of 2007 and 2008.”
About CDEX
CDEX develops, manufactures and globally distributes products to the healthcare and security markets. The ValiMed™ product line provides life-saving validation of high-risk medications and 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. To meet its plans, CDEX must strengthen its financial position as stated periodically in its SEC filings. For more information, contact Greg Firmbach at greg.firmbach@cdex-inc.com.
Non-historical statements are forward-looking, as defined in federal securities laws, and generally can be identified by words such as “expects,” “plans,” “may,” “believes,” “should,” “intends,” and similar words. These statements pose risks that cannot be accurately predicted. Consequently, results may differ materially from those expressed or implied. Such risks and uncertainties include, without limitation, the effectiveness, profitability and marketability of products, the protection of intellectual property and proprietary information, and other risks detailed periodically in filings with the SEC. There is no obligation to update any forward-looking statements.
Contact:
Greg Firmbach
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