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Assured Pharmacy, Inc. Receives Gross Proceeds of $300,000 from Sale of Convertible Debentures and Warrants

December 8, 2010 By Bio-Medicine.Org

FRISCO, Texas, Dec. 8, 2010 /PRNewswire-FirstCall/ — Assured
Pharmacy, Inc. (Pink Sheets:
APHY) (the “Company”), a growing chain of specialty pharmacies
that provides advanced prescription services to a diverse array of
medical professionals and their patients, announced today that it
sold in a private placement to an accredited investor a 12.5%
senior convertible debenture for an aggregate principal amount of
$300,000 (before deducting expenses and fees related to the private
placement).  The debentures are convertible into shares of the
Company’s common stock at an initial conversion price of $0.008 per
share, subject to adjustment.  As part of the private
placement, the investor received a warrant to purchase 45,000,000
shares of the Company’s common stock.  The warrant is
exercisable for a period of three years from the date of issuance
at an initial exercise price of $0.0096, subject to adjustment.
 The investor may exercise the warrant on a cashless basis if
the shares of common stock underlying the Warrant are not then
registered pursuant to an effective registration statement.
 The funds received from the investor will be directed to the
continued development of the Company’s business plan and general
working capital purposes.  

This financing is supporting the Company’s ongoing business
expansion and investment into solidifying its supply chain of
prescription medications.  “We are very pleased to have the
support of this investment as we enter the next phase of our
business model,” stated Mr. Robert DelVecchio, Chief Executive
Officer of Assured Pharmacy.  “As we lay the foundation for
expanding our pharmacy footprint into new markets, improving our
financial position with suppliers is critical and this financing
furthers that requirement.”

The securities sold by the Company in the private placement were
not registered

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SOURCE

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  • Medical Device Business
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  • Applications
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