Crdentia Completes Private Placements of Common Stock Totaling $2 Million
February 13 2007 - 1:54PM
PR Newswire (US)
DALLAS, Feb. 13 /PRNewswire-FirstCall/ -- Crdentia Corp. (OTC:CRDT)
(BULLETIN BOARD: CRDT) , a leading U.S. provider of healthcare
staffing services, announced today that it has completed private
placements of common stock totaling $2 million. Crdentia plans to
use the proceeds from the private placements for general working
capital purposes and to refinance a portion of its existing debt.
Crdentia's Chairman and Chief Executive Officer James D. Durham
commented, "We are happy to have completed this financing that will
allow us to continue to move forward with our on-going objective of
consolidating the healthcare staffing industry. Importantly, these
transactions enabled the Company to refinance its bank debt,
thereby providing Crdentia with more attractive borrowing terms
while reducing our overall borrowing costs." The financing included
an initial private placement of 1,283,332 shares of Crdentia common
stock at a price of $0.60 per share, which closed on January 25,
2007. A second transaction, which closed on February 7, 2007,
consisted of a private placement of 2,049,999 shares at a price of
$0.60 per share. Aggregate proceeds for the two transactions
totaled $2 million. The shares have been and will be issued in a
transaction pursuant to Section 4(2) of the Securities Act of 1933,
as amended, and the rules and regulations promulgated thereunder.
The Company has agreed to cause a resale registration statement
covering the shares to be filed within 30 days after the final
closing date. About Crdentia Corp. Crdentia Corp. is one of the
nation's leading providers of healthcare staffing services.
Crdentia seeks to capitalize on an opportunity that currently
exists in the healthcare industry by targeting the critical nursing
shortage issue. There are many small, private companies that are
addressing the rapidly expanding needs of the healthcare industry.
Unfortunately, due to their relatively small capitalization, they
are unable to maximize their potential, obtain outside capital or
expand. By consolidating well-run small private companies into a
larger public entity, Crdentia intends to facilitate access to
capital, the acquisition of technology, and expanded distribution
that, in turn, drive internal growth. For more information, visit
http://www.crdentia.com/. Forward Looking Statements Statements
contained in this release that are not historical facts are
forward-looking statements that involve risks and uncertainties.
Among the important factors which could cause actual results to
differ materially from those in the forward-looking statements
include, but are not limited to, those discussed in "Risk Factors"
in the Company's Forms 10-KSB, Forms 10-QSB, and other filings with
the Securities and Exchange Commission. Such risk factors include,
but are not limited to, a limited operating history with no
earnings; reliance on the Company's management team, members of
which have other business interests; the ability to successfully
implement the Company's business plan; the ability to continue as a
going concern; the ability to fund the Company's business and
acquisition strategy; the growth of the temporary healthcare
professional staffing business; difficulty in managing operations
of acquired businesses; uncertainty in government regulation of the
healthcare industry; and the limited public market for the
Company's common stock. The actual results that the Company
achieves may differ materially from any forward-looking statements
due to such risks and uncertainties. We undertake no obligation to
revise or update publicly any forward-looking statements for any
reason. AT THE COMPANY: AT FINANCIAL RELATIONS BOARD: James D.
Durham Lasse Glassen Chairman and CEO 310-854-8313 972-850-0780
DATASOURCE: Crdentia Corp. CONTACT: James D. Durham, Chairman and
CEO of Crdentia Corp., +1-972-850-0780; or Lasse Glassen of
Financial Relations Board, +1-310-854-8313, , for Crdentia Corp.
Web site: http://www.crdentia.com/
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