NEWS - American Scientific Resources Receives Commitment for $3 Million Financing
WESTON, Fla., July 21, 2010 /PRNewswire via COMTEX/ -- 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.
Safe Harbor
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.
