Applied DNA Sciences Announces the Appointment of Dean Yacov Shamash as a Director and Completion of $3.95 million Financing
19 July 2006 - 9:00PM
PR Newswire (US)
STONY BROOK, N.Y., July 19 /PRNewswire-FirstCall/ -- Applied DNA
Sciences, Inc. (OTC:APDN) (BULLETIN BOARD: APDN) , a DNA security
solutions company, today announced the completion of the issuance
and sale of $3.95 million of its 10% Secured Convertible Promissory
Notes and Warrants. In the first tranche, completed on May 2, 2006,
the Company sold 20 units for aggregate gross proceeds of
$1,000,000. In the second tranche, completed on June 15, 2006, the
Company sold 59 units for aggregate gross proceeds of $2,950,000.
Each such unit consists of (i) a $50,000 Principal Amount 10%
Secured Convertible Promissory Note and (ii) a warrant to purchase
100,000 shares of the Company's common stock, exercisable for a
period of four years commencing on May 2, 2007, at a price of $0.50
per share. APDN intends to use the net proceeds from this
transaction for working capital, including general corporate
purposes, capital expenditures, and potential acquisitions of
complementary companies or technologies. For further details and a
discussion about the offering, see our Current Reports on Form 8-K,
filed on June 15, 2006 and March 14, 2006. Arjent Limited, an
affiliate of VC Arjent Ltd., served as the exclusive placement
agent in this offering. Dr. James A. Hayward, CEO of Applied DNA
Sciences, stated: "Our technology can be strategically applied to
help address the universal problem of counterfeits. From currency
to pharmaceutics to luxury goods to fine art, we believe we have a
ready-to-implement forensic solution to the counterfeit problem
faced by governments, companies and individuals." In addition to
the $3.95 million raised, APDN today publicly announced the prior
appointment of Dean Yacov Shamash to its Board of Directors. APDN
believes Dean Shamash's appointment will help expedite the
commercialization of its platform DNA encryption and authentication
technologies. This appointment was approved by the Board, which
also includes Dr. James A. Hayward, Dr. Jun-Jei Sheu and Dr.
Sanford Simon. Dr. James A. Hayward, Chief Executive Officer of
APDN, stated, "Dean Shamash's appointment to our Board is important
to the overall strategic development of APDN. We expect to continue
focusing our attention on the planning and execution of near-term
revenue generating opportunities." Dr. Shamash is Vice President
for Economic Development and Dean of the College of Engineering and
Applied Sciences at Stony Brook University. As Vice President, a
position he has held since 2000, Dr. Shamash supervises the
University's three incubators, two New York State Centers for
Advanced Technology, the NYS Center of Excellence in Wireless and
Information Technology (CEWIT), the Small Business Development
Center, and the workforce development programs of the Center for
Emerging Technologies. Dr. Shamash is a member of the Board of
Directors of the Long Island Software & Technology Network
(LISTnet) and the Long Island Forum for Technology (LIFT). He
serves on the boards of Keytronic, American Medical Alert, Netsmart
Technologies, and Invision.com. A Fellow of the IEEE, he received
undergraduate and graduate degrees from the Imperial College of
Science and Technology in London, England. "I am excited and
honored to join the Board of Directors for Applied DNA Sciences,"
Dr. Shamash said. "I believe Applied DNA is extremely well-
positioned for growth and I see exciting opportunities in
developing future collaborations with universities and industries."
About Applied DNA Sciences, Inc. Applied DNA Sciences, Inc. (APDN)
develops proprietary DNA-embedded security solutions that use plant
DNA to verify authenticity and protect corporate and government
agencies from counterfeiting, fraud, piracy, product diversion,
identity theft and unauthorized intrusion into physical plant and
databases. Our common stock is listed on the Over-The-Counter
Bulletin Board under the symbol "APDN". Contact: MeiLin Wan,
Applied DNA Sciences, Inc., 25 Health Sciences Drive, Stony Brook,
New York 11790; Tel: 631-444-6862; Fax: 631-444.8848
http://www.adnas.com/. The statements made by Applied DNA Sciences,
Inc. may be forward-looking in nature and are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements describe the Company's
future plans, projections, strategies and expectations, and are
based on assumptions and involve a number of risks and
uncertainties, many of which are beyond the control of Applied DNA
Sciences, Inc. Actual results could differ materially from those
projected due to changes in interest rates, market competition,
changes in the local and national economies, and various other
factors detailed from time to time in Applied DNA Sciences' SEC
reports and filings, including our Annual Report on Form 10-KSB,
filed on January 12, 2006, our subsequent Quarterly Reports on Form
10-QSB, and our Current Reports on Form 8-K. The Company undertakes
no obligation to update publicly any forward-looking statements to
reflect new information, events or circumstances after the date
hereof to reflect the occurrence of unanticipated events.
DATASOURCE: Applied DNA Sciences, Inc. CONTACT: MeiLin Wan of
Applied DNA Sciences, Inc., +1-631-444-6862, or Fax:
+1-631-444.8848, Web site: http://www.adnas.com/
Copyright