Press Releases Detail:
Avitar Shareholders Approve Proposals at Special Meeting
March 01, 2004
CANTON, Mass., March 1 /PRNewswire-FirstCall/ -- Avitar, Inc. (Amex: - ) today announced that shareholders approved the three proposals presented at the Special Meeting held on February 27, 2004. The proposals all related to capital raising, including the first closing of the September 2003 Private Placement with Gryphon Master Fund, L.P. ("Gryphon") that raised $1 million gross proceeds, the second closing that is expected to be held with Gryphon for an additional $1 million gross proceeds and another proposal for New Financing, all as described in the Proxy Statement sent to the shareholders for the Special Meeting.
Separately, in response to a recently adopted rule of the American Stock Exchange ("AMEX"), Avitar announced that, as reported in its Annual Report on Form 10KSB filed with the SEC on January 13, 2004, the Company had received an audit opinion that contained a going concern qualification. This audit opinion (which was dated December 5, 2003, except for Note 17 for which the date is December 16, 2003) related to financial statements for the fiscal year ended September 30, 2003. The Company had received the same type of audit opinion for the fiscal years ended in 2000, 2001 and 2002.
Avitar, Inc. develops, manufactures and markets innovative and proprietary products in the oral fluid diagnostic market, disease and clinical testing market, and customized polyurethane applications used in the wound dressing industry. Oral fluid diagnostics includes the estimated $1.5 billion drugs-of-abuse testing market, which encompasses the corporate workplace and criminal justice markets. Avitar's products include ORALscreen(TM), the world's first non-invasive, rapid, onsite oral fluid test for drugs-of-abuse. Additionally, Avitar manufactures and markets HYDRASORB(TM) an absorbent topical dressing for moderate to heavy exudating wounds. In the estimated $25 billion in vitro diagnostics market, Avitar is developing diagnostic strategies for disease and clinical testing. Some examples include influenza, diabetes and pregnancy. For more information, see Avitar's website at avitarinc.com.
Safe Harbor Statement. This release contains forward looking statements that are subject to risks and uncertainties including the development and marketing of new applications and other risks that are detailed from time to time in the Company's filings with the Securities and Exchange Commission. In view of such risks and uncertainties, the Company's actual results could differ materially from those anticipated in such forward looking statements.