Cdex, Inc. (fka CDEX)

[pennstreet]

Amanita~~

I did NOT state it, the CEO of Cdex stated for all to read, just as I said. The proof????

Here it is:

Tucson-based CDEX Inc., which makes drug-identification and -detection devices, has filed for Chapter 11 bankruptcy reorganization after a failed attempt to restructure its major debt.

But the company's chief executive said the company intends to continue operations and emerge from bankruptcy a stronger company.

CDEX listed unsecured debt of $2.5 million and assets of about $438,000 in a bankruptcy filing Feb. 10.

Founded in 2001, CDEX has developed patented devices to validate medication content and to detect traces of drugs. In 2007, the company consolidated its headquarters from Maryland to Tucson, where it had its main research and development center.

CDEX Chairman and CEO Jeff Brumfield said the company was forced to file for bankruptcy reorganization after failing to win the approval of creditors on about $2.5 million in unsecured debt remaining on a $4.5 million note.

The company's largest creditor is Gemini Master Fund Ltd., a San Francisco-based hedge fund, with an unsecured debt of about $927,000, according to the bankruptcy filing.

Last June, the company announced that its debenture holders converted about $1.9 million worth of notes to 22.2 million shares of common stock. Brumfield said 14 of the 17 individual investors backing the original note agreed to restructure the debt, but without the full cooperation of the noteholders the company was unable to proceed.


I stand corrected, it was 17, not 19 note holders.

As I stated, the above is 100% PUBLIC PROOF as to why Cdex was forced into BK because 14 said yes and 3 said no.

Oops Whoops, the PUBLIC FILED record says it ALL.