Business
DECN Discusses Current Financings with Aplha Capital Anstalt, Accepts Latest Proposition from Solicited Party, Will Choose from Two Proposals to Bring Closure
DECN Discusses Current Financings with Aplha Capital Anstalt, Accepts Latest Proposition from Solicited Party, Will Choose from Two Proposals to Bring Closure.
About this update from Decision Diagnostics Corp
[{"type":"text","content":"LOS ANGELES, CA / ACCESSWIRE / June 13, 2019 / Decision Diagnostics Corp. (OTC PINK: DECN) is a 17 year old, diabetes-focused bio-technology R&D firm, manufacturer, quality plan administrator, FDA registered medical device customer support organization, and exclusive worldwide sales and regulatory process agent for the GenUltimate! ("Sunshine") diabetes test strip, the internationally launched GenSure! ("Feather") diabetes test strip, and its GenChoice! ("Ladybug") test strip now under review for FDA 510K clearance. The company also markets the PetSure! test strip for the diabetic testing of dogs and cats, a diagnostic specifically designed to run on the market leading Zoetis Alpha Trak meter system, and the GenUltimate! Test 4Pets test strip and Avantage! meter launched earlier in 2019, and the landmark GenUltimate! TBG ("Dragonfly") highly precise and outre' accurate diabetes testing system, launched on June 6, 2019, in select off-shore markets. Today the company announced the conclusion of two financing events, both with its main investor Alpha Capital Anstalt. The first financing is an extension to the company's $250,000 Term Note from Alpha. Originally set to come to term on June 12, 2019, this Note has been extended by agreement between the parties until August 12, 2019. The proceeds from this Note were used to complete the advanced development of our GenUltimate! TBG technology and products. Keith Berman, CEO of DECN commented, "The Alpha financings are typical business transactions with a funding source we know well and trust. Alpha has been our major funding arm for the last four years. The need for new funding this time around relates to the various transactions the Board is contemplating for our GenUltimate! TBG product." The second financing event, also with Alpha, includes an additional investment of $250,000, funded in two installments of $125,000, the first installment to be funded on June 17, 2019, the second installment, also for $125,000, will be funded 30 days later. Documentation has been executed, moving the transactions into usual and customary closing activities. Additional Notes from closely aligned investors (so called Junior partners) in our Alpha deals are expected. Mr. Berman continued, "This Alpha investment, and the call that went out to clo...