SUPERIOR, Colo. -- OrthoNetx, Inc., a privately-held, Colorado-based leading provider of medical devices for osteoplastic surgery, today announced the successful completion of an equity round of financing. The goal of the financing was to secure $500,000 in capital. The offering was oversubscribed and the raise was successful within a few weeks.
"It is satisfying to have put this milestone behind us so that we can be allowed to march confidently towards the merger with Eye Dynamics," said Terry R. Knapp, President and Chief Executive Officer of OrthoNetx, Inc. "We anticipate the merger to be completed on or before October 31, 2005."
The purpose of the raise was to position the company for the merger with Eye Dynamics, Inc. The raise allows the company to have fully audited financial statements from inception to present and to satisfy all the legal requirements necessary for the pending merger. Galen Capital Group has acted as an advisor to the company during this transaction.
"Galen Capital Group is extremely pleased with the results of our round of financing," said William P. Danielczyk, Chairman of Galen Capital Group. "We believe it was oversubscribed because of the support that we are receiving from investors who are enthusiastic about the merger between OrthoNetx and Eye Dynamics. We are looking forward to completing the next round of financing which we have a high degree of confidence will close prior to the anticipated close date of the merger."
On September 6, 2005 OrthoNetx, Inc., announced it has signed a definitive merger agreement with Eye Dynamics, Inc. (OTCBB:EYDY), a leading provider of health and safety products, with Dr. Knapp to lead the merged companies as CEO.
About OrthoNetx, Inc.
OrthoNetx, Inc. designs, develops, manufactures and markets patented, FDA-approved medical devices and systems for osteoplastic surgery and distraction osteogenesis-the practice of generating, forming and molding bone. Physician customers include plastic surgeons, oral and maxillofacial surgeons, otolaryngologists, and orthopedic surgeons who correct deformities and deficiencies of the skeleton caused by errors of birth, trauma, infections and tumors. OrthoNetx, Inc. is also developing a "smart device" process management system to support a broad range of medical devices that leverage the body's physiological and biological attributes to create medical benefits. The privately-held company is headquartered in Superior, CO. From more information visit: www.orthonetx.com.
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This news release includes forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The company's operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ are set forth in the company's periodic filings with the U.S. Securities and Exchange Commission.
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