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 Venture Partners, a private equity firm with more than $1.5 billion under management. Prior to this he was President and CEO of eResearch Technology, Inc., a leading provider of technology and services to collect, process, and distribute cardiac safety and clinical data for companies in the life sciences industry. During his tenure as President and CEO from 2001 through 2006, eResearch's market valuation grew from $27 million to a peak of $1.5 billion, receiving recognition from Fortune Magazine as the second fastest growing company in America.
"Aduromed today achieved an important milestone event, setting the stage for the Company to emerge as a leader in the medical waste disposal industry, a $2 billion annual market in the US alone," Mr. Esposito commented. "I am excited to assume a leadership role in this organization at this point in its development, and believe that the core assets of the current organization will enable Aduromed to build a more predictable business model that appeals to a broader market."
Mr. Damien Tanaka, founder of the Company, was elected as Vice-Chairman of the Board of the Company and will continue as a director of Company. Mr. Tanaka will be the acting Chief Executive Officer of the Company pending the naming of a new President and Chief Executive Officer which is expected shortly. After such announcement Mr. Tanaka will assume the title of Chief Development Officer and will spearhead the Company's new product developments.
"I welcome Joe Esposito to Aduromed and I am excited to have the opportunity to benefit from his managerial and business development expertise," Mr. Tanaka added. "Over the past decade, Aduromed has developed unique and compelling technology and services to address the $2 billion medical waste industry. With this announcement, Aduromed moves to the next level in this evolution, and we stand poised to emerge as the industry leader with new technologies which we believe will capture market share while establishing best practice in medical waste disposal."
Aduromed Industries, Inc., through its wholly-owned subsidiary, Aduromed Corporation, is a provider of innovative technology and services for the onsite treatment and disposal of regulated medical waste. Aduromed's flagship MedClean(R) Series systems are fully integrated, turnkey technology solutions that enable hospitals and other healthcare providers to safely, efficiently and cost-effectively convert bio-hazardous regulated medical waste into sterile, unrecognizable material suitable for disposal as municipal solid waste.
Aduromed was founded in 1997 with corporate headquarters, research and development and distribution facilities located in Bethel, Connecticut. Further information on Aduromed can be found at http://www.aduromed.com and in filings with the Securities and Exchange Commission found at http://www.sec.gov.
Statements about our future expectations are "forward-looking statements" within the meaning of applicable Federal Securities Laws, and are not guarantees of future performance. When used herein, the words "may," "will," "should," "anticipate," "believe, " "appear," "intend," "plan," "expect," "estimate," "approximate," and similar expressions are intended to identify such forward-looking statements. These statements involve risks and uncertainties inherent in our business, including those set forth in our most recent Annual Report on Form 10-K for the year ended December 31, 2007, filed with the SEC on March 31, 2008, and other filings with the SEC, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.
|SOURCE Aduromed Industries, Inc.|
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