Attached files
file | filename |
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EX-10.1 - SECURITIES PURCHASE AGREEMENT - CDEX INC | ex10_1.htm |
EX-10.3 - FORM OF SECURITY AGREEMENT - CDEX INC | ex10_3.htm |
EX-10.2 - FORM OF 10% SENIOR CONVERTIBLE NOTE - CDEX INC | ex10_2.htm |
EX-10.4 - FORM OF LOCK-UP AGREEMENT - CDEX INC | ex10_4.htm |
8-K - CDEX INC | f2221038k.htm |
EXHIBIT
99.1
CDEX Inc
Announces Financial Restructuring Plan
CDEX
Closes First Phase of Financial Restructuring; Carmen J. Conicelli Appointed
Board Chairman; CEO Search Continues
TUCSON,
AZ--(Marketwire - 02/19/10) - CDEX Inc. (OTC.BB:CEXI - News)
(http://www.cdexinc.com/) announces that it has closed the first phase of a
financial restructuring plan which provides funds to drive expanded marketing
and sales, conversion of existing debt into a two year Note and an offering to
certain other creditors to also participate in the Note. The specifics of the
restructuring plan are provided in the Company's SEC filings, but include an
initial cash infusion of $450,000 with an opportunity for follow on investment
and a restructuring of the note held by the Company's largest creditor, Gemini
Master Fund, Ltd.
In
addition, the Board of Directors has appointed Mr. Carmen Conicelli as its new
Chairman. Mr. Conicelli, the current CFO of Edmund Optics, Inc., joined the
Board in 2008 with over 30 years of industry financial experience and a strong
focus in the international community.
"Mr.
Conicelli has been at the heart of our financial restructuring and I am very
pleased with his appointment," said Malcolm Philips, CDEX CEO and former
Chairman. "His appointment, which follows our recent announcement of appointment
of Greg Firmbach as the Company's new President and initiation of a CEO search,
continues our strategy of focusing the company on top line revenue and strong
financial performance."
"The
financial restructuring will allow us to fund our short term growth plans and
move to the next level," said Mr. Conicelli. "It puts the Company on more solid
financial footing and is beginning to draw out some very well qualified CEO
candidates. The Board looks forward to working with the new management team to
move the Company forward."
About
CDEX
CDEX
develops, manufactures and globally distributes products to the healthcare and
security markets. The ValiMed™ product line provides life-saving validation of
high-risk medications and returned narcotics. The ID2™ product line detects
trace amounts of illegal drugs, such as methamphetamine. CDEX expects to advance
its patented technologies to serve additional markets. To meet its plans, CDEX
must strengthen its financial position as stated periodically in its SEC
filings. For more information, contact Malcolm Philips at
mphilips@cdex-inc.com.
Non-historical
statements are forward-looking, as defined in federal securities laws, and
generally can be identified by words such as "expects," "plans," "may,"
"believes," "should," "intends," and similar words. These statements pose risks
that cannot be accurately predicted. Consequently, results may differ materially
from those expressed or implied. Such risks and uncertainties include, without
limitation, the effectiveness, profitability and marketability of products, the
protection of intellectual property and proprietary information, and other risks
detailed periodically in filings with the SEC. There is no obligation to update
any forward-looking statements.
4555 S.
Palo Verde Rd. Suite 123
Tucson, AZ
85714 (520)
745-5172 www.cdexinc.com