CULVER CITY, Calif., June 5, 2001 (PRIMEZONE) -- Careside, Inc. (AMEX:CSA), a provider of point-of-care blood analysis instrumentation and records management, today announced the successful completion of a private round of financing, raising more than $10 million of gross proceeds in a placement of preferred stock and warrants. The Company sold shares of Series C Convertible Preferred Stock that will convert into approximately 5.2 million shares of Common Stock based upon a conversion price of $1.94 per share of Common Stock. In addition to the share of Series C Stock, each purchaser was issued a warrant to purchase an additional share of common stock for $2.55 per share. Proceeds will be used primarily to support the Company's manufacturing, sales and marketing efforts. The securities sold in this private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States in the absence of an effective registration statement or exemption from registration requirements. The company expects to file a registration statement on Form S-3 promptly after the closing of the transaction for purposes of registering the resale of the shares of common stock issued in the private placement.
Careside, Inc. markets a proprietary blood testing system including its Careside Analyzer, a companion hematology system called the H-2000 Hematology Analyzer, and its Careside Connect record management system linking the two devices into customers' laboratory or patient information systems. The Careside Analyzer provides a cost-effective and efficient means of measuring blood chemistry, electrochemistry and coagulation function at the patient's point-of-care by producing accurate test results within 15 minutes. Careside, Inc. is one of the world's leading developers of advanced point-of-care blood testing technology. For more information on the Company, call (888) 698-2273 or access www.Careside.com.
Safe Harbor: Statements in this press release regarding Careside Inc. which are not historical facts are forward-looking statements that involve risks and uncertainties. Such forward-looking statements include the use of proceeds available from the transaction and the effectiveness date or our registration statement filed with respect to the resale of the common stock underlying the securities issued in this transaction. The company undertakes no obligation to update forward-looking statements. Please see the risk factors listed from time to time in the company's prospectus and reports on file with the SEC.