WESTON, Fla., Feb. 7, 2011 /PRNewswire/ -- American
Scientific Resources, Inc. (the "Company" or "ASR")
(Pink Sheets: ASFX) at http://americansci.com wishes to announces
that it is has signed a $10 million
Equity Line Agreement with Southridge Partners, II LP, an
institutional investor.
(Logo:
http://photos.prnewswire.com/prnh/20110124/NY34439LOGO)
Dr. Christopher F. Tirotta, Chief
Executive Officer and Chairman of American Scientific Resources,
Inc. stated, "We are pleased to have secured this equity line with
Southridge, a forward thinking institutional investor which
provides future flexibility in capital raising. We plan to use the
proceeds, as needed from the agreement, to support the
international roll-out of our new VeraTemp Non-Contact
thermometer."
ASR will have the right, but is not obligated, to sell up to
$10,000,000 of its common stock to
Southridge depending on certain conditions as set forth in the
purchase agreement, including having a registration statement
declared effective by the Securities and Exchange Commission,"
stated Dr. Tirotta.
"We are excited to be ASR's investment partner in this new phase
of the company's development. Southridge is committed to working
with ASR as it expands its revenue channels with its two
proprietary products," said Stephen
Hicks, CEO and Chairman, Southridge LLC.
"We are thrilled to have the continued support of Southridge,"
stated Dr. Tirotta
This press release shall not constitute an offer to issue or
sell or the solicitation of an offer to buy securities, nor shall
there be any sale of these securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
About American Scientific Resources, Inc.
American Scientific Resources, Inc. is a purpose-driven consumer
product manufacturer specializing in the clinical, home healthcare,
infant and juvenile product industries. The Company sources
and designs innovative health and safety products, develops
advanced technology and intellectual property and distributes
product through established relationships and channels both
in-house and through its ever growing network of leading global
healthcare distributors and retailers. Brands under the ASR
umbrella include Kidz-Med, Disintegrator Plus, VeraTemp and
Mebby.
For more information, visit the corporate web site at
www.americansci.com, Kidz-Med at www.kidzmed.com and Disintegrator
Plus at www.disintegratorplus.com.
Safe Harbor
This release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Statements contained in this release that are not historical facts
may be deemed to be forward-looking statements. Investors are
cautioned that forward-looking statements are inherently uncertain.
Actual performance and results may differ materially from that
projected or suggested herein due to certain risks and
uncertainties including, without limitation, ability to obtain
financing and regulatory and shareholder approvals for anticipated
actions.
Contact
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Investors:
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American Scientific Resources
Investor Relations
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IR@americansci.com
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561-948-4863
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SOURCE American Scientific Resources, Inc.