ABAXIS Reports Automatic Conversion of Series D Preferred Stock
29 10월 2003 - 7:30AM
PR Newswire (US)
ABAXIS Reports Automatic Conversion of Series D Preferred Stock No
Preferred Stock Remains Outstanding and All Dividend Obligations
Have Been Eliminated UNION CITY, Calif., Oct. 28
/PRNewswire-FirstCall/ -- ABAXIS, Inc. , a medical products company
manufacturing point-of-care blood analysis systems, reported that
today all outstanding shares of its Series D Preferred Stock
automatically converted into shares of Abaxis common stock. Under
the terms of Abaxis' Certificate of Determination with respect to
the Series D Preferred Stock, such stock automatically converts
into shares of common stock after twenty consecutive trading days
where the per share closing price of Abaxis' common stock as
reported on the Nasdaq National Market exceeds $14.00. Elective
conversions between October 1-28, coupled with the automatic
conversion of all remaining outstanding Series D Preferred Stock,
resulted in the conversion of 5,328 shares of Series D Preferred
Stock into 761,142 additional shares of common stock subsequent to
September 30, 2003. The automatic conversion means that Abaxis will
no longer have to pay semi-annual dividends in cash or stock in an
annual amount of $70.00 per share of Series D Preferred Stock, or
an aggregate annual cost savings of $372,960. Abaxis previously
announced the automatic conversion of all outstanding Series E
preferred stock that occurred on October 15, 2003. About Abaxis
ABAXIS develops, manufactures and markets portable blood analysis
systems for use in any veterinary or human patient-care setting to
provide clinicians with rapid blood constituent measurements. The
system consists of a compact, 6.9 kilogram, portable analyzer and a
series of single-use plastic discs, called reagent discs that
contain all the chemicals required to perform a panel of up to 14
tests. The system can be operated with minimal training and
performs multiple routine tests on whole blood, serum or plasma
samples. The system provides test results in less than 15 minutes
with the precision and accuracy equivalent to a clinical laboratory
analyzer. In addition to the blood chemistry analysis system, the
Company markets a hematology analysis system. The hematology
system, the VetScan HMT, is purchased from MELET SCHLOESING
Laboratories of France ("MELET") through a cross OEM agreement.
MELET markets the VetScan as the MScan in certain European markets.
This press release includes statements that constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 (the "Reform Act"). ABAXIS
claims the protection of the safe-harbor for forward-looking
statements contained in the Reform Act. These forward-looking
statements are often characterized by the terms "may," "believes,"
"projects," "expects," or "anticipates," and do not reflect
historical facts. Specific forward-looking statements contained in
this press release include, but are not limited to, risks and
uncertainties related to fluctuations in the Company's share price
prior to October 28, 2003, the market acceptance of the Company's
products and the continuing development of its products, risks
associated with manufacturing and distributing its products on a
commercial scale free of defects, risks associated with entering
the human diagnostic market on a larger scale, risks related to the
protection of the Company's intellectual property or claims of
infringement of intellectual property asserted by third parties,
risks involved in carrying of inventory, risks associated with the
ability to attract, train and retain competent sales personnel,
general market conditions, competition and other risks detailed
from time to time in ABAXIS' periodic reports filed with the United
States Securities and Exchange Commission. Forward-looking
statements speak only as of the date the statement was made. ABAXIS
does not undertake and specifically disclaims any obligation to
update any forward-looking statements. DATASOURCE: ABAXIS, Inc.
CONTACT: Clint Severson, Chief Executive Officer of ABAXIS, Inc.,
+1-510-675-6500, or retail, Joe Dorame, or institutional/analysts,
Joe Diaz, both of RCG Capital Markets Group, +1-480-675-0400, for
ABAXIS, Inc. Web site: http://www.abaxis.com/
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Abaxis, Inc. (delisted) (NASDAQ:ABAX)
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