Remedent, Inc. Completes Private Placement Financing
July 02 2007 - 8:30AM
Business Wire
Remedent, Inc. (OTC BB: REMI) announced today that it has completed
its previously announced private placement financing with
institutional investors. Net proceeds to Remedent from the sale of
the shares of common stock will be approximately $6.2 million after
deducting the fees and expenses of the placement agent. The net
proceeds will be used for working capital and general corporate
purposes and setting up the United States marketing and
distribution activities for its new revolutionary veneer
technology, called GlamSmileTM. The financing consisted of the sale
of 5.6 million shares of its common stock at a per share price of
$1.25. The financing also included the issuance of warrants to
purchase an additional 4.2 million shares of common stock at an
exercise price of $1.55. The lead investor in the private placement
was Special Situations Fund in New York. Other participants
included MicroCapital, LLC., Potomac Capital Management, LLC. and
other institutional investors. The placement agent in this
financing was Roth Capital Partners, LLC. The details of this
private placement have been disclosed in the Company�s Current
Report on Form 8-K filed with the Securities and Exchange
Commission on June 27, 2007. The shares of common stock being sold
have not been registered under the Securities Act of 1933, or any
state securities laws, and will be sold in a private transaction
under Regulation D. Unless the shares are registered, they may not
be offered or sold in the United States except pursuant to an
exemption from the registration requirements of the Securities Act
and applicable state laws. Remedent is obligated to register the
shares being sold for resale on a registration statement to be
filed on or before July 20, 2007. This announcement is made
pursuant to SEC Rule 135 and shall not constitute an offer of any
of the Company�s securities by the Company or any of the
institutional investors participating in the private placement.
About Remedent Remedent, Inc., a publicly listed company trading on
the OTC BB, strives to be a world leader in the research and
development, manufacturing and marketing of oral care and cosmetic
dentistry products. Remedent products are renowned for their
technological superiority and ease-of-use. Based in Deurle,
Belgium, Remedent has successfully researched, developed and
manufactured all of its own products. These products are now
distributed in more than 35 countries worldwide. For additional
information, visit Remedent�s web site at www.remedent.com.
FORWARD-LOOKING STATEMENTS �Safe Harbor� Statement under the
Private Securities Litigation Reform Act of 1995: The statements by
Guy De Vreese, the statements regarding growth of the GlamSmileTM
product line, optimism related to the business, expanding sales and
other statements in this press release are forward-looking
statements within the meaning of the Securities Litigation Reform
Act of 1995. Such statements are based on current expectations,
estimates and projections about the Company�s business. Words such
as expects, anticipates, intends, plans, believes, sees, estimates
and variations of such words and similar expressions are intended
to identify such forward-looking statements. These statements are
not guarantees of future performance and involve certain risks and
uncertainties that are difficult to predict. Actual results could
vary materially from the description contained herein due to many
factors including continued market acceptance of the Company�s
products. In addition, actual results could vary materially based
on changes or slower growth in the oral care and cosmetic dentistry
products market; the potential inability to realize expected
benefits and synergies; domestic and international business and
economic conditions; changes in the dental industry; unexpected
difficulties in penetrating the oral care and cosmetic dentistry
products market; changes in customer demand or ordering patterns;
changes in the competitive environment including pricing pressures
or technological changes; technological advances; shortages of
manufacturing capacity; future production variables impacting
excess inventory and other risk factors listed from time to time in
the Company�s Securities and Exchange Commission filings under
�risk factors� and elsewhere. The forward-looking statements
contained in this press release speak only as of the date on which
they are made, and the Company does not undertake any obligation to
update any forward-looking statement to reflect events or
circumstances after the date of this press release.
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