CULVER CITY, Calif., May 31, 2001 (PRIMEZONE) -- CARESIDE, Inc. (AMEX:CSA), a provider of point-of-care (POC) blood analysis instrumentation and records management, announced today that at its Annual Meeting of Stockholders on May 24, 2001, the Company's shareholders approved all proposals, including the issuance of common stock upon conversion or exercise of preferred stock and related warrants sold in private placements in 2000 and 2001.
Careside Chairman and Chief Executive Officer W. Vickery Stoughton said, "Shareholders approval of the issuance of shares of the Company's Common Stock upon conversion or exercise of the securities sold in the Company's Series B and Series C Preferred and related warrants will make the full benefit of these financings available to the Company." In September 2000, the Company undertook a private offering of its Series B Preferred Stock and related warrants. In March through May of 2001, it has issued Series C Convertible Preferred Stock in a second private offering, together with related warrants. The total funds raised in the two offerings exceeded $11.5 million.
At the Annual Meeting, the shareholders also re-elected William F. Flatley and Diana J. Mackie as directors with terms expiring in 2004. Flatley recently retired from Executive Health Group, where he was President and Chief Executive Officer, and Mackie is currently Vice President Switch and New Innovations at Glaxo-SmithKline.
The directors continuing in office until the expiration of their respective terms are W. Vickery Stoughton, Chairman of the Board of Directors and Chief Executive Officer; Anthony P. Brenner, Managing Director with Crosslink Capital (formerly Omega Venture); C. Alan MacDonald, President of the CAM Consultants; and Kenneth N. Kermes, formerly President and Chief Executive Officer of Browne & Sharpe Manufacturing Company and currently a partner with Sea View Partners. The Company's shareholders voted at the Annual Meeting to extend Brenner's term by one year so that it will expire in 2003.
The Company's shareholders also adopted an amendment to the Company's Director Stock Option Plan and the re-appointment of Arthur Andersen LLP as the Company's auditors. The amendment to the Director Stock Option Plan increased the option pool and number of options that Directors are granted. Stoughton stated, "This amendment brings our director equity compensation more in line with the market for the services our directors provide."
About CARESIDE
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.
Safe Harbor: Statements in this press release regarding CARESIDE Inc. which are not historical facts are forward-looking statements that involve risks and uncertainties. Forward-looking statements include the expected benefits of the Company's financings. Key factors that may affect these statements include technological hurdles, FDA clearances, and other challenges inherent in product research, development, manufacturing, marketing, and other factors discussed in the company's prospectus. 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.