Message #13 From:
Stock News Bot Date: December 19, 2006 06:00:00 AM
MDSC News Mediscience Technology Corp. Retains Investment Banking Firm Empire Financial Group to Lead Financing Strategies to Fund Growth Initiatives
CHERRY HILL, N.J.--(BUSINESS WIRE)--Mediscience Technology Corp. (OTC Bulletin Board: MDSC) announced that
it has retained investment banking firm Empire Financial Group as
placement agent to raise $2.0 million in bridge financing through a
private placement on a "best efforts" basis with investor conversion
rights to participate in a prospective firm commitment IPO to be lead by
Empire Financial Group that is expected to raise not less than $5
million and as much as $10 million.
David R. Smith, CEO, INFOTONICS, said, “With
this bridge funding investment, Infotonics is forming a high-performance
Commercialization Program Team to transfer the photonic pill technology
from research to market in a timely way, including commercial prototypes
and pilot production for FDA trials. Infotonics will provide incubation
office and lab space in our Center for Mediscience’s
NEWCO to help accelerate the commercialization schedule and is assisting
NEWCO with top talent for its management team.”
CEO Peter Katevatis said, "We believe Empire Financial Group is well
suited to our needs, they understand our technology IP, corporate
relationships, and have been successful in raising capital for
technologies and companies similar to Mediscience. The immediate goal of
this funding will be together with INFOTONICS to create an ingestible
photonic pill that would enable physicians to detect early stage cancer
of the complete auto-digestive tract. We believe that such a
non-invasive device would lead to reduced mortality and health care
costs, and increase the number of people who could be screened for this
type of cancer."
Mr. Ed Cabrera, Head of Investment Banking, Empire Financial Group said,
"We are very pleased to have the opportunity to work with Mediscience
Technology Corp and INFOTONICS. We believe their patented technologies
and expertise properly nurtured and matured could experience rapid
acceptance and revenue growth in their respective substantial target
market. We are moving quickly to finance Mediscience's NEWCO subsidiary,
evidenced by our current private placement offering of securities. After
closing, which we anticipate within 30 to 45 days, we will begin plans
for the IPO."
About Empire Financial Group, Inc.
Empire Financial Group and its subsidiaries provide investment banking
and corporate financing services, as well as securities brokerage, asset
management, and market making services in the United States, Europe and
Asia. It provides brokerage services directly to retail customers, and
small- to mid-sized institutions. Empire Investment Advisors provides
investment advisory services to its customers, independent registered
investment advisors, and unaffiliated broker dealers. Empire Financial
Holding also offers ancillary services, including market data and
financial information, portfolio tracking and records management, cash
management services, and account security. Based in Longwood, Florida,
the company, founded in 2000, has offices in NYC, NY and other locations
throughout the U.S.
About Infotonics Technology Center, Inc.
Infotonics is a not-for-profit corporation that operates New York State’s
Center of Excellence in Photonics and Microsystems. Infotonics is
structured as a consortium whose founding participants include Corning,
Inc., Eastman Kodak Company, and Xerox Corporation. The Rochester
Regional Photonics Cluster is an industrial partner, and academic
participants include some 20 New York State colleges and universities.
Infotonics’ goal is to establish a unique,
world-class research and development facility to enable rapid
commercialization of new products. This initiative will provide major
benefits to the region, including creation of jobs and attraction of new
companies and investment revenue.
About Mediscience Technology
Mediscience Technology Corporation is engaged in the design, development
and commercialization of medical devices that detect cancer and
physiological change using frequencies of light that are emitted,
scattered and absorbed to distinguish malignant, precancerous, or benign
tissues from normal tissues. Mediscience’s
exclusive protected noninvasive technology combines the advantages of
real-time results with enhanced diagnostic sensitivity and specificity
compared with other methods of cancer detection.
Mediscience December 18, 2006 8-K filing 10.1 Letter Agreement dated as
of Dec 2, 2006 between Mediscience and Empire Financial Group, Inc.
regarding a best efforts Bridge Financing
(See CITIGROUP/Smith Barney Analyst Report 10-1-2004 by Peter Bye. Page
20 Registrant-Info tonics).
8-K filing May 24, 2006 72 Pg Syracuse University Report
Investor Notice:
This press release may contain forward-looking information within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, including all statements that are not statements of historical
fact regarding the intent, belief or current expectations of the
company, its directors or its officers with respect to, among other
things: Certain of the matters discussed in this announcement contain
forward-looking statements that involve material risks to and
uncertainties in the parties/ company’s
business that may cause actual results to differ materially from those
anticipated by the statements made herein. Such risks and uncertainties
include among other things, the availability of financing, the parties/
company’s ability to implement its long-range
business plan for various applications of its technology; the company’s
ability to enter into agreements with any necessary marketing and/or
distribution partners; the impact of competition, the obtaining and
maintenance of any necessary US regulatory clearances applicable to
applications of the company’ technology e.g.
FDA; and management of growth and other risked and uncertainties that
may be detailed from time to time in the parties/ company’s
reports filed with the Securities and Exchange Commission. These
forward-looking statements are based on management’s
expectations as of the date hereof, and the company does not undertake
any responsibility to update any of these statements in the future.
