BOSTON and ROCHESTER, N.Y., July 31, 2014 (GLOBE NEWSWIRE) -- Lucid, Inc. (OTCQB:LCDX), operating as Caliber Imaging & Diagnostics, today announced that members of its Board of Directors invested $16.1 million in the Company through the purchase of its common stock at $0.55 per share. In addition, all $13.5 million of outstanding principal and interest due under the Company's Notes was converted into shares of the Company's common stock based on the same price per share.
L. Michael Hone, Chief Executive Officer of Caliber I.D., said, "This recapitalization provides us with the financial stability and resources needed to grow our global footprint and become the worldwide leader in noninvasive, point-of-care imaging technology for the dermatology market. We appreciate the commitment shown by these investors to our technology and the Company."
The Company also announced that it terminated its registration under the Securities Exchange Act of 1934 and suspended its duty to file reports thereunder. As a consequence, the Company will no longer file quarterly, annual or other reports with the Securities and Exchange Commission. Mr. Hone explained, "In light of the extremely limited trading liquidity of our shares, the high costs of continuing as a public company and the requirements of our investors, and since we have fewer than 300 shareholders, we determined that it was in the best interest of all shareholders for the Company to 'go dark.'"
Dunn Rush & Co. LLC acted as exclusive financial advisor to the Special Committee of the Board of Directors of the Company in connection with the recapitalization.
About Caliber Imaging & Diagnostics
Caliber Imaging & Diagnostics' proprietary, cutting-edge VivaScope® system is a disruptive, noninvasive point-of-care platform imaging technology with numerous applications in dermatology, surgery and research. FDA 510(k) cleared, VivaScope has regulatory approval in most major markets. With 78 issued and pending patents worldwide, VivaScope has the potential to significantly improve outcomes and reduce costs. The VivaScan™ procedure, which utilizes the VivaScope for dermatological examination, allows physicians to detect cancerous lesions that appear benign, and reduces the need for expensive, painful and time-consuming biopsies, which show no malignancy approximately 70% of the time. VivaScope also has significant applications in testing and analysis in the academic, medical and therapeutic research markets. For more information about Caliber I.D. and its products, please visit www.caliberid.com.
VivaScope® and VivaNet® are registered trademarks of Caliber Imaging & Diagnostics.
VivaScan™ is a trademark of Caliber Imaging and Diagnostics.
This press release contains "forward looking statements" within the meaning of the Securities Litigation Reform Act of 1995, including the statements regarding the potential for future product revenue growth and financial performance. These statements are based on our current beliefs or expectations and are inherently subject to significant known and unknown uncertainties and changes in circumstances, many of which are beyond our control. There can be no assurance that our beliefs or expectations will be achieved and actual results may differ materially from our beliefs or expectations due to financial, economic, business, regulatory and other factors or conditions affecting us or our industry in general, as well as more specific risks and uncertainties facing us, such as those set forth in the Risk Factors section of the Forms 10-Q and 10-K filed by us with the Securities and Exchange Commission.
CONTACT: Company Contact: Richard Christopher Chief Financial Officer (617) 348-9821 firstname.lastname@example.org Investor Relations Contact: LHA Kim Sutton Golodetz (212) 838-3777 email@example.com Public Relations Contacts: Dian Griesel Int'l. Susan Forman or Laura Radocaj (212) 825-3210 firstname.lastname@example.org email@example.comSource:Caliber Imaging & Diagnostics, Inc.