MEDTOX Scientific, Inc. Announces Conversion of Warrants
August 02 2005 - 3:03PM
Business Wire
MEDTOX Scientific, Inc. (AMEX:TOX), announced today that out of a
total of 1,120,439 Warrants for purchase of Common Stock of MEDTOX
Scientific, Inc., 424,034 were exercised and converted to common
stock at $6.75 per share. 497,581 of these warrants expired without
being exercised on July 31, 2005. The Company received
$2,862,229.50 in proceeds from the common stock warrant conversion.
The remaining 198,824 warrants will expire on August 31, 2005. The
exercise price of those warrants is $6.75 per share. The Company
also announced that Charlotte Sebastian has joined MEDTOX as
Director of Human Resources. Charlotte has over twenty years
experience as a human resources professional with extensive
exposure to the medical diagnostics industry. Most recently she was
Human Resources Manager for the Minnesota Operations of Mentor
Corporation and previously was with Medtronic, Inc. Her education
and professional credentials include a B.A., M.A. and certification
as a Senior Professional in Human Resources (SPHR). As part of her
negotiated employment arrangement and as an inducement to accept
this position, she has been granted 5,000 restricted shares that
vest at the end of four years. MEDTOX Scientific, Inc.,
headquartered in St. Paul, Minn., is a provider of high quality
specialized laboratory testing services and
on-site/point-of-collection (POC) devices. The company also
supports customers with complete logistics, data and program
management services. MEDTOX is a leader in providing esoteric
laboratory testing services to hospitals and laboratories
nationwide. This includes both central laboratory and
bio-analytical testing for pharmaceutical clinical trials. MEDTOX
develops and manufactures diagnostic devices for quick and
economical on-site/point-of-collection analysis for drugs-of-abuse,
therapeutic drugs and biological and agricultural toxins and
provides employment drug screening and occupational health testing.
For more information see www.medtox.com.
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