Meditech Pharmaceuticals, Inc. Secures $30 Million Funding Commitment
SCOTTSDALE, AZ, July 6, 2000 -- Meditech Pharmaceuticals, Inc. (MDCH-OTC BB), an
Arizona based drug researcher, manufacturer and marketer, announced today that
it has secured a $30 million agreement from an institutional investor. Meditech
CEO Gerald Kern states "We are extremely pleased to have entered into this
financial arrangement with this institutional investor. The availability of this
financing of up to $30,000,000, if and when completed, will allow us to move
forward rapidly in accomplishing the steps necessary for marketing our products
in the US and abroad."
The financial agreement calls for a private equity line for the purchase of
common stock, subject to registration and certain other conditions, and limited
to a percentage of dollar trading volume. Based upon the availability of these
funds, the new capital will be used for completing final tests on Meditech's OTC
drug Zorex, for inventory, marketing, sales expenses and general operating
expenses. This will enable Meditech to compete with other companies in the OTC
and ethical drug markets and to further develop its line of OTC, ethical and
agricultural products .
Meditech has been involved in the research and development of OTC and ethical
pharmaceuticals since 1983. The Company is entered into a research and licensing
joint venture with Immune Network Research, Ltd. (CDNX:IMM) of Vancouver, Canada
earlier this year. Laboratory tests conducted under the direction of IMM have
shown promising results. The Company is also sponsoring agricultural tests of
another of its products for use against a variety of organisms which affect
agricultural crops and products.
Meditech Pharmaceuticals, Inc. is a Nevada Corporation based in Scottsdale,
Arizona. Meditech trades on the OTC-BB with the symbol MDCH.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: The statements contained in this release that are not historical facts are
forward-looking statements subject to risks and uncertainties which could cause
actual results to differ materially from those set forth in or implied by
forward-looking statements. These risks are described in detail in the Company's
Securities and Exchange Commission filings.
Media Contact:
Steven Kern, Chief Operating Officer
Meditech Pharmaceuticals, Inc.
PMB 382, 10105 E. Via Linda #103, Scottsdale, AZ 85258
Tel: (480) 614-2874
Fax: (480) 614-0560
Internet: http://www.mdch.net
E-mail: [email protected]
