Advanced Medical Isotope Corporation Director Significantly Increases Stake
KENNEWICK, Wash., March 16, 2009 (GLOBE NEWSWIRE) -- Advanced Medical Isotope Corporation (``AMIC'') (Other OTC:ADMD.PK - News)(http://www.isotopeworld.com), a company engaged in the production and distribution of medical isotopes, announced today that one of its directors, Carl Cadwell, converted 95,000 shares of AMIC's Series A Preferred Stock into 10,857,142 shares of the Company's common stock.
The Series A Preferred Shares purchased by Dr. Cadwell were originally issued in September, 2006, to Utek Corporation (AMEX:UTK - News) for AMIC's purchase of technology from Utek. The Series A Preferred Stock conversion was based on AMIC's common stock's average closing price for the ten trading days before the date of conversion.
CEO James C. Katzaroff said, ``This purchase from Utek and subsequent conversion of our Series A Preferred Stock by director Carl Cadwell significantly reduces the overhang on our common stock. Furthermore, while increasing his stake to approximately 40% of AMIC, we sincerely appreciate Mr. Cadwell's continued confidence in AMIC's direction and management.''
Advanced Medical Isotope Corporation(AMIC) is a medical isotope production company engaged in the production and distribution of medical isotopes and medical isotope in vivo delivery systems for advanced diagnostic and non-surgical therapeutic applications. AMIC's goal is to empower physicians, medical researchers, and ultimately patients by providing them with essential medical isotopes that, until now, have not been feasible or economical, in an effort to cure human disease.