American Scientific Resources Receives Commitment for $3 Million Financing
WESTON, Fla., July 21 American Scientific Resources, Inc. (the "Company" or "ASR") (Pink Sheets: ASFX) announces today that the Company has received final commitment for a $3 million purchase order financing facility from Hartsko Financial Companies for the purpose of sales order fulfillment only.
American Scientific Resources has been a trusted source as an innovator in providing unique health and safety-related products that help children and their families lead healthier, happier and safer lives.
The Company's newly manufactured Non-Contact Thermometers including the Kidz-Med 5-in-1 consumer model and the VeraTemp 5-in-1 professional model, which utilize the latest in technology as a trauma-free, no-touch way to take a temperature quickly and easily, are scheduled to hit the market during the third quarter 2010.
Dr. Christopher Tirotta, CEO of American Scientific, commented, "Having non-dilutive financing available at this progressive stage in the Company's timeline not only improves our operational cash position but also provides assurance to current and new vendors that their PO's will be delivered on time."
He continues, "This is not a line of credit. We will begin using the financing very shortly and look forward to enjoying the stability this financing affords our growing company."
Hartsko will have a security interest in the financed inventory. ASR urges shareholders who would like to be on the Company's Newsletter E-mail List in order to receive all ASR updates to visit the ASR website homepage at www.americansci.com to sign-up.
About Hartsko Financial Companies
Hartsko Financial Companies specializes in purchase order financing for well-managed small to mid-sized companies. The company offers letter of credit financing, trade financing, obtaining sufficient capital, reduction of foreign risk, preservation of equity and speed of funding solutions. The company was founded in 2003 and is based in Bayside, New York. For more information on the company, visit www.hartsko.com.
About American Scientific Resources, Inc.
American Scientific Resources, Inc. is both an operating company and the holding company for wholly owned subsidiary, Kidz-Med. The Company sources and designs innovative health and safety products, develops intellectual property and distributes through established relationships and channels both in-house and through its ever growing network of proven global healthcare distributors.
For more information, visit the corporate web site at www.americansci.com and the Company's subsidiary Kidz-Med at www.kidzmed.com.
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
This press release does not constitute an offer to sell any securities or a solicitation of an offer to purchase any securities.
Contact American Scientific Resources Investor Relations E-mail IR@americansci.com Or call 561-948-4863
SOURCE American Scientific Resources, Inc.
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