Aduromed Begins Next Step in Corporate Evolution, Restructuring the Company
and Augmenting its Board and Management Team
BETHEL, Conn., Aug. 6 /PRNewswire-FirstCall/ -- Aduromed Industries, Inc. (OTC Bulletin Board: ADRM) a leading manufacturer of medical waste treatment systems, today announced the closing of its previously announced restructuring plan and the raise of $3.8 million of new equity capital. As part of the restructuring all stakeholders in the Company, including holders of bridge loan notes and preferred stock holders, converted their securities into common stock of the Company and warrants to purchase common stock. New Investors received 271,497,456 shares of common stock and warrants to purchase an additional 235,497,455 shares of common stock at a purchase price of $0.025 for their $3.8 million investment. Existing investors in the Company converted their securities into a total of 137,693,121 shares of common stock and warrants to purchase an additional 173,693,122 shares of common stock at a purchase price of $0.025.
The Company will use the funds for working capital and general corporate purposes and to help implement the Company's new business plan. The Company will have further announcements concerning the new business plan in the near future. As a result of this restructuring, the Company now has 431 million shares outstanding.
As part of the restructuring, Mr. Joseph Esposito was elected as a
director and Chairman of the Board of the Company. Mr. Esposito also
entered into a new consulting agreement to act as corporate and business
development advisor to the Company for an additional three year period. Mr.
Esposito brings a broad background of over 30 years of managing the growth
and profitability of domestic and international technology companies. For
the past two years he has been providing strategic advisory services to
growth companies including several of the portfolio companies at Insight
|SOURCE Aduromed Industries, Inc.|
Copyright©2008 PR Newswire.
All rights reserved