|
HAYWARD, CA, April 5, 2000 - Sepragen Corporation (OTC BB:
SPGNU, SPGNA, SPGNW) a technology developer of equipment and supplies for radial flow chromatography
(RFC) applications, today announced it has entered into definitive agreements to sell common stock in a
private placement to selected institutional and private investors for gross
proceeds of $2,583,750.
Institutional
investors include: Koyah Leverage Partners, L.P. and Koyah Partners, two hedge funds specializing in small-cap
companies, managed by ICM Asset Management, Inc., Spokane, WA and Special
Situations Private Equity Fund, L.P., New York, NY, a fund specializing in
small-cap companies. Crown Point Securities, L.L.C. served as placement agent for this transaction.
Vinit Saxena, Sepragen’s Chairman and CEO commented, “We are very pleased to welcome our new shareholders and thank our existing
shareholders. We plan to use the proceeds from this private financing to expand our current biotech business and
further position ourselves to profit from the commercial applications of our
platform separation technology in the food, beverage and nutraceutical
industries.”
The
Company recently announced the expiration of 4,915,000 warrants, consisting of
2,845,000 Redeemable Class A Warrants (symbol:SPGNW) and 2,070,000 Redeemable Class B
(IPO) Warrants (symbol:SPGNZ). With this private placement, the Company will issue 3,445,000 shares of common stock, bringing
the total number of outstanding shares of Sepragen Corporation to 7,738,231.
Sepragen Corporation develops and markets technology along with equipment and supplies
for process chromatography applications. Sepragen has developed a number of patented
applications that provide large market opportunities in the food and beverage industry,
including debittering citrus juices, extracting isoflavone (plant estrogen) from soy, as
well as extracting proteins from whey. The company holds over 14 issued patents relating
to its core technology. As of December 31, 1999, Sepragen had 5,412,562 common shares issued.
<
Back
The statements in this release that relate to future events
or performance, statements about growth, future regulatory clearances, levels of sales and
market size and future manufacturing capacity and efficiencies are forward-looking
statements that involve risks and uncertainties, including risks associated with
uncertainties related to the development of markets for and commercial acceptance of the
company's products and services, the availability of components, competitors' product
introductions and other risks identified in the company's SEC filings. Actual results may
differ from those described in these forward-looking statements. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak only as of the
date hereof.
|
