ELIZABETH, N.J., April 14 /PRNewswire-FirstCall/ -- Swissray International, Inc. announced today that it had completed a reorganization and merger, pursuant to which all existing common and junior preferred equity was converted into a right to receive a nominal amount of cash and senior preferred equity was converted into common equity.
In addition, certain existing investors invested an aggregate of $5 million in an equity investment in the company. Additional details will be contained in an information statement to be sent to those persons who were stockholders of the company at the time of the merger. Swissray has been traded on the "pink sheets" under the symbol "SRYI" but the company has requested that no further trading be permitted.
Terry Ross, Swissray's chief executive officer said, "The company is pleased by the support of the investors who contributed additional financing to Swissray. We are looking forward to continued growth in the digital x-ray market."
About Swissray
Swissray has received from Frost & Sullivan the "Best Product Value" award for their market leading digital radiography systems. This new technology provides high quality medical radiographic images in seconds at a significantly lower cost than conventional or computed radiography because, among other factors, film, imaging plates, cassettes and chemical processing are not required. By utilizing a multifunctional single detector design, Swissray offers an affordable high quality solution for direct digital radiography. Swissray currently provides a full range of DR systems for orthopedic applications, imaging centers, hospitals and emergency departments. All of Swissray's DR systems include fully automated, remote controlled system positioning. Swissray offers customers choice between amorphous silicon flat panel or their unique 16 bit Quad CCD detector technologies.
Disclaimer: The Pink Sheets does not require companies whose securities are quoted upon its systems to meet any listing requirements. With the exception of a few foreign issuers, the companies quoted in the Pink Sheets tend to be closely held, extremely small and/or thinly traded. Most do not meet the minimum listing requirements for trading on a national securities exchange, such as the New York Stock Exchange or the NASDAQ Stock Market. Many of these companies (including Swissray) do not file periodic reports or audited financial statements with the Securities and Exchange Commission, making it very difficult for investors to find reliable, unbiased information about those companies. For all of these reasons, companies quoted in the Pink Sheets can be among the most risky investments. That's why you should take extra care to thoroughly research any company quoted exclusively in the Pink Sheets. Be aware that some broker-dealers are required by SEC Rule 15c2-11 to have some information about the issuer. Ask your broker-dealer whether it has any Rule 15c2-11 information before you invest. Swissray does not undertake any obligation to update the information contained in this press release beyond the published date.
Safe Harbor: This press release may contain forward-looking statements, and as such, may involve risks and uncertainties. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations, are generally identifiable by the use of words such as "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions. Forward-looking statements in this press release include (among others) Swissray's statement that it does not expect to make certain financial and other information available to the public. Swissray's actual results, performance, actions and achievements may differ materially from the results, performance, actions and achievements expressed or implied in such forward-looking statements.
Michael Laupper Chief financial Officer 011 41 41 914 1200 John Monahan VP Corporate Accounts 908-353-0971
Swissray International, Inc.CONTACT: Michael Laupper, Chief financial Officer, +41-41-914-1200; orJohn Monahan, VP Corporate Accounts, +1-908-353-0971, both of SwissrayInternational, Inc.
Web site: http://www.swissray.com/
