Navigation Links
Andover Medical, Inc. Anticipates Closing $2.0 Million Private Financing
Date:3/24/2008

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 http://www.sec.gov.

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 http://www.andovermedical.com and http://www.equityperformancegroup.com/clients_adov.php.

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

617-242-1025

gary@equityperfgp.com

http://www.equityperformancegroup.com


'/>"/>
SOURCE Andover Medical, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. China Sky One Medical, Inc. Appoints Four Independent Board Members
2. Tsongas Visits Lawrence-based Medical Device Maker NxStage Medical, Inc.
3. China Sky One Medical, Inc. to Acquire Heilongjiang Tianlong Pharmaceutical, Inc.
4. Cardiva Medical, Inc. to Present Highlights of the Boomerang Catalyst(TM) II System at the Investment in Innovation (In3) West Conference on February 29, 2008 in Las Vegas, NV
5. Tutogen Medical, Inc. to Report First Quarter Fiscal 2008 Financial Results
6. Cardiva Medical, Inc. Appoints Two New Officers: Malcolm Farnsworth as Vice President of Finance and Chief Financial Officer and Tara Zerby as Vice President of Business Development and Marketing
7. Gary Tschautscher of Nonin Medical, Inc. Receives CEO of 2007 for North American Patient Monitoring From Frost & Sullivan
8. XCPT(TM) Patient Engagement and Communication Software Signs Representation Agreement with Lifecore Biomedical, Inc. (Nasdaq: LCBM)
9. Emmaus Medical, Inc. Enters Into Sub-License Agreement for Treatment of Short Bowel Syndrome
10. Sedgwick CMS and UnitedHealth Group to Develop Integrated Disability, Medical, Workers Compensation and Leave Administration Services for Employers
11. ReBuilder Medical Technologies, Inc. Announces UK Demand for Safe Molluscum Contagiosum Treatment Leads to Distribution Agreement with UFFE Medical, LTD. Expected 10% Sales Increase.
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/2/2016)... (PRWEB) , ... May 02, 2016 , ... “Engineering Bubbles,” ... honors at the 2016 ARRS Art Forum held recently at the Annual Meeting in ... creative expression among ARRS members and Annual Meeting attendees. , “Through ...
(Date:5/2/2016)... ... May 02, 2016 , ... WestHarbor Growth Partners, a growth, ... release of Grow Healthy Vending’s newly revamped brand campaign. Grow Healthy Vending ... vending providers in North America with locations across the United States as well ...
(Date:5/2/2016)... ... 2016 , ... East Los Angeles dentist , Dr. Ramin Assili, is ... to receive any dental extraction treatment for $40 off the regular price. This promotion ... the lower price, patients can more easily afford extractions to eliminate teeth that are ...
(Date:5/2/2016)... ... , ... Further establishing itself as a leader in natural pet products category, ... were selected from over 1,000 entrants as a winner and recipient of the prestigious ... for dogs are a favorite product among pet-parents worldwide, as each whimsical knobby shape ...
(Date:5/2/2016)... ... 2016 , ... Visceral fat, also known as “deep fat” ... and pancreas. If not properly addressed, visceral fat can lead to serious health ... Oncology and Palliative Care, warns against the dangers of visceral fat. “Just because ...
Breaking Medicine News(10 mins):
(Date:4/28/2016)... Treato , the single ... today that it has been named a Cool Vendor ... Life Sciences, 2016, Stephen Davies , ... on life-science- oriented analytics, algorithms and smart machine technology ... confirm medication ingestion, and analyze unstructured information.   ...
(Date:4/28/2016)... 2016  ValGenesis, Inc., the market leader ... today announced that a prominent world provider ... chronic kidney failure has selected ValGenesis Validation ... validation process. The global medical device manufacturer ... manage their validation processes electronically. Upon completion ...
(Date:4/27/2016)... 27 Avril 2016   ... de +5% sur le trimestre, soutenu par une ... Croissance de +16% des ventes aux ... Mauna Kea Technologies (Euronext : MKEA, FR0010609263 ; OTCQX : MKEAY), ... annonce aujourd,hui son chiffre d,affaires pour le premier ...
Breaking Medicine Technology: