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Andover Medical, Inc. Anticipates Closing $2.0 Million Private Financing

NORTH ANDOVER, Mass., March 24 /PRNewswire-FirstCall/ -- Andover Medical, Inc. (OTC Bulletin Board: ADOV), a single source provider of orthopedic durable medical equipment ("DME"), announced today that the Company anticipates closing a $2.0 million private financing with an existing institutional investor. Complete terms of the financing can be found in the Company's Form 8-K filed with the SEC on March 19, 2008 and available at

On March 13, 2008, Andover Medical, Inc. entered into an agreement with an existing institutional investor regarding a potential private equity financing. Under the terms of the agreement, Andover will issue Series D Convertible Preferred Stock and Series I Warrants for a purchase price of $2,000,000. The preferred stock issuance will bear an 8% per annum dividend and be redeemable by the investors in 24 months and be secured by a lien on all of the Company's assets. The preferred stock will be convertible into common stock at $.35 per share and have 300% warrant coverage, with the warrants exercisable at $.35 per share for a 10 year period.

Edwin Reilly, Chief Executive Officer of Andover Medical, Inc. stated, "Our business strategy requires capital and strong growth will depend on continued access to the capital markets. I am very encouraged by the consistent investor demand we receive in our security offerings and view this anticipated investment as another significant vote of confidence in our business."

Andover intends to use the proceeds obtained from the financing primarily to retire all existing bank debt, as well as for working capital. The financing is anticipated to close on or before March 31, 2008, after negotiation of a mutually acceptable definitive agreement. All of the underlying common stock will be included in a registration statement filed with the Securities and Exchange Commission.

About Andover Medical, Inc.:

Andover Medical, Inc. (OTC Bulletin Board: ADOV) is building a single source provider of orthopedic durable medical equipment ("DME"). The Company intends to establish a nationwide subsidiary network and plans to offer physicians the largest selection of competitively priced brand-name durable medical equipment. For more information, please call (978) 557-1001 or visit and

Forward-Looking Statements:

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward-looking statements. These forward looking statements include Andover's intent to establish a nationwide subsidiary network and plans to offer physicians the largest selection of competitively priced brand-name durable medical equipment, and urodynamic diagnostic and treatment products. All forward- looking statements speak only as of the date of this press release. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or transactions of AMI and its affiliates to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors which, could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

Company Contact:

Andover Medical, Inc.

Edwin Reilly - CEO

978-557-1001 (x11)

Investor Contact:

Gary Geraci

Equity Performance Group


SOURCE Andover Medical, Inc.
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