AMDL Announces Further Details of Closing of Acquisition and Reverse Stock Split
September 25 2006 - 9:20AM
PR Newswire (US)
TUSTIN, Calif., Sept. 25 /PRNewswire-FirstCall/ -- AMDL, Inc.
(AMEX:ADL), developer and marketer of tests for the early detection
of cancer and other serious diseases, announced today that the
acquisition of Jade Pharmaceuticals Inc. (JPI) and its two wholly
owned China-based subsidiaries for an aggregate of 13,715,000
pre-reverse split shares of AMDL Common Stock is scheduled to close
on September 28, 2006, immediately after the filing of a
Certificate of Amendment to AMDL's Certificate of Incorporation
which will increase AMDL's authorized Common Stock and reverse
split the outstanding shares of Common Stock on a basis estimated
to be between one-for-five and one-for-seven. The exact ratio of
the reverse split will be determined on September 27, 2006 by
AMDL's Board of Directors. The stockholders approved these
proposals at the meeting of stockholders held on September 8, 2006.
The closing of the acquisition and the reverse split are expected
to enable AMDL to remain in compliance with the applicable listing
standards for AMEX. AMDL's stock will begin trading on AMEX on a
split-adjusted basis on September 28, 2006. "We are delighted that
the stockholders have overwhelmingly approved the acquisition of
JPI. In anticipation of the closing, we are starting to implement
the combined business strategy that encompasses the new vision for
a U.S. and Asia-Pacific based company," said Gary Dreher, AMDL CEO.
About AMDL AMDL, Inc. (AMEX:ADL), headquartered in Tustin,
California, is a theranostics company, involved in the detection
and treatment of the same disease, cancer. AMDL is the inventor,
developer and worldwide marketer through exclusive distribution
agreements of the DR-70(R) non-invasive cancer blood test, which
has demonstrated its ability to detect the presence in humans of up
to 14 cancers 84 percent of the time overall. In a study published
in the Journal of Immunoassay (1998, vol. 19, pp 63-72) DR-70(R)
was shown to detect at least 13 different types of cancer (lung,
breast, stomach, liver, colon, rectal, ovarian, esophageal,
cervical, trophoblastic, thyroid, malignant lymphoma, pancreatic)
although the sample size for 9 of the cancers was not statistically
significant. Clinical trials of DR-70(R) have been conducted in
Canada, China, Germany, Taiwan and Turkey. DR-70(R) can detect many
kinds of cancer using a single tube of blood, eliminating the need
for costly, multiple tests. AMDL also owns a combination immunogene
therapy technology that is a possible treatment for those already
diagnosed with cancer and could eventually be used as a vaccine to
protect patients known to be at risk because of a family history
for certain types of cancer. The combination therapy both builds
the body's immune system and destroys cancer cells. More
information about AMDL and its additional products can be obtained
at http://www.amdl.com/. Forward-Looking Statements The Company
intends that the statements in this press release that are not
historical constitute "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended
and Section 21 of the Securities Exchange Act of 1934, as amended
and are subject to numerous risks and uncertainties, including the
risks (i) that the transaction described may not be completed when
expected, or at all, (ii) the risk that the terms of the definitive
acquisition agreements may materially differ from that disclosed
herein, (iii) the risks related to the inability to obtain or meet
conditions imposed for, governmental and other approvals of the
transaction, including the approval by the stockholders of AMDL,
(iv) risks related to the uncertainty surrounding the transaction
and transactions of this type and (v) the costs related thereto. In
addition, these forward-looking statements are subject to the other
risks of AMDL's business, including, but not limited to, (a) AMDL's
failure to complete successfully the development of new or enhanced
products, (b) AMDL's future capital needs, (c) the lack of market
demand for any new or enhanced products that AMDL may develop, (d)
the lack of market acceptance of AMDL's products and its limited
revenues to date, (e) the success of competitive products, other
economic factors affecting AMDL and its markets, and (f) other
risks detailed from time to time in the Company's filings with the
Securities and Exchange Commission. The actual results may differ
materially from those contained in this press release. The Company
disclaims any obligation to update any statements in this press
release in the event of new circumstances or unanticipated events
that may occur in the future. Contact: AMDL, Inc. Gary L. Dreher
President & CEO (714) 505-4460 DATASOURCE: AMDL, Inc. CONTACT:
Gary L. Dreher, President & CEO of AMDL, Inc., +1-714-505-4460
Web site: http://www.amdl.com/
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