Medtox Scientfic (AMEX:TOX)
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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.