By Sheri Kasprzak
Atlanta, April 1 - Recom Managed Systems Inc. said it has closed a private placement of stock for $5 million.
The company sold 1,562,500 shares at $3.20 each to one institutional investor.
The investor also received warrants for 1.5 million shares at $1.60 each.
In other news, Recom said it has recently expanded its board of directors to include Rodney Hildebrant and Pamela Bunes, both executives as Ethicon Endo-Surgery. Lucy Duncan-Scheman, president and chief executive of Safe Ports, also joined the board.
The company also announced that its Model 100 Heart Monitor will be exhibited at the International Society for Computerized Electrocardiology conference in April and at the 2005 Heart Rhythm Society in May.
Based in Los Angeles, Recom is a life science company focused on monitoring and detecting diseases through biomedical signal monitoring.
| Issuer: | Recom Managed Systems Inc.
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| Issue: | Stock
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| Amount: | $5 million
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| Shares: | 1,562,500
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| Price: | $3.20
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| Warrants: | For 1.5 million shares
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| Warrant strike price: | $1.60
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| Settlement date: | April 1
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| Stock price: | $3.25 at close March 31
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