Elysee Development (PK) (USOTC:ASXSF)
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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.