AMDL Inc. Announces Closing of Private Placement Senior Notes
December 09 2008 - 9:35AM
PR Newswire (US)
TUSTIN, Calif., Dec. 9 /PRNewswire-FirstCall/ --
(http://www.amdl.com/) AMDL, Inc. (AMEX:ADL), a vertically
integrated pharmaceutical company with major operations in China
and the US, announced today the closing of the first tranche of a
private placement offering of 12% senior notes and warrants. In
this first closing, AMDL sold $1,077,500 of 12% senior notes at par
value. The notes mature at the earlier of 24 months or the
completion of a bank or credit facility of not less than $8 million
in one or more transactions. The warrants included in the offering
have a term of five years from the date of issuance and are
exercisable at a price equal to $1.00 per share. Under the terms of
the offering the exercise price of the warrants are equal to the
greater of $1.00 per share or 115% of the five day volume average
weighted prices (VWAP) of the Company's common stock prior to the
closing date of the offering. Mr. Douglas MacLellan, President and
CEO of AMDL, Inc. said "This financing strengthens our cash
position and allows us to finance key business initiatives,
including the commercialization and introduction of key products
such as DR-70(R) and Goodnak in opportunistic markets including
China and the US." The exclusive placement agent for this offering
is Cantone Research Inc, located in Tinton Falls, NJ 07724 (phone:
800-782-9953). Cantone Research is expected to have a final closing
of this Senior Note before end of December 2008. This press release
does not constitute an offer or solicitation to sell or purchase
any of the Company's securities. Any of the Company's securities
offered will not be registered under the Securities Act of 1933, as
amended (the "Securities Act"), and may not be offered or sold in
the United States unless registered under the Securities Act upon
applicable exemptions from registration under the Securities Act.
About AMDL: Headquartered in Tustin, CA with operations in
Shenzhen, Jiangxi, and Jilin, China, AMDL, Inc., along with its
subsidiary Jade Pharmaceutical Inc. (JPI), is a vertically
integrated bio-pharmaceutical company devoted to the research,
development, manufacturing, and marketing of diagnostic,
pharmaceutical, nutritional supplement, and cosmetic products. The
Company employs approximately 500 people in the U.S. and China.
Forward Looking Statements: Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995: The statements contained
in this document include certain predictions and projections that
may be considered forward- looking statements under securities law.
These statements involve a number of important risks and
uncertainties that could cause actual results to differ materially
including, but not limited to, the performance of our China-based
subsidiaries, as well as other economic, competitive and
technological factors involving the Company's operations, markets,
services, products, and prices. With respect to AMDL Inc., except
for the historical information contained herein, the matters
discussed in this document are forward-looking statements involving
risks and uncertainties that could cause actual results to differ
materially from those in such forward-looking statements. The
Company cautions readers not to place undue reliance on any
forward-looking statements. The Company does not undertake, and
specifically disclaims any obligation, to update or revise such
statements to reflect new circumstances or unanticipated events as
they occur. AMDL Contact: Kristine Szarkowitz Director-Investor
Relations (M) (206) 310-5323 DATASOURCE: AMDL, Inc. CONTACT:
Kristine Szarkowitz, Director-Investor Relations, +1-206) 310-5323,
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