BEVERY HILLS, Calif., April 4, 2012 /PRNewswire/ -- Cascade Technologies Corp. (OTCBB: CSDT) and its wholly owned subsidiary, Spectral Molecular Imaging, Inc. ("SMI") today announced entering into a placement agreement with a New York-based leading alternative investment firm. The agreement provides for up to $4,000,000 in convertible notes to be issued in a private placement, of which Cascade has received $600,000 in the aggregate. "Although we can give no assurance that Cascade will be able to place the remainder of the convertible notes," explained Gene Scher, President, "we are hopeful that the company will be able to complete most if not all of the balance of the placement over the next 60 days." The notes are convertible for shares of Cascade common stock at $0.06/share and the net proceeds from the placement will be used for working capital, general corporate purposes and to advance Cascade's lead product candidates.
"We are very pleased that a significant investment firm shares our vision and sees our potential. We view this as a pivotal step in our build out of the Company, and in bringing to market powerful new tools for addressing unmet clinical needs," said the Company's Founder, Chairman and Chief Executive Officer, Dr. Daniel L. Farkas, who added, "This financing, when completed, helps us to pursue our development and testing strategy for our first product, SkinSpect™, designed for early non-invasive detection of melanoma. It will also help provide essential resources for the Company's other product candidates. We continue to see great opportunities in addressing important medical challenges by early, non-invasive detection of major disease, via advanced optical approaches using our own innovative technologies. We have also identified additional technologies and markets that we believe can add to our breadth, accelerate our growth, and create shareholder value."
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Cascade Technologies and Spectral Molecular Imaging
Cascade Technologies Corp., through its wholly-owned subsidiary, Spectral Molecular Imaging, Inc., is a development-stage medical imaging device company, applying its proprietary hyperspectral imaging technology, originally developed for satellite reconnaissance, to advance the early and accurate diagnoses of cancer and precancerous conditions. SMI is developing non-invasive, high-resolution optical imaging systems using its patented technologies and other proprietary know-how for improved clinical diagnostics, primarily in the field of cancer pathology, by identification and analysis of certain molecular, cellular, and tissue features. We expect to provide services related to our primary products, including software modules and maintenance, and to develop optical diagnostic products that operate in conjunction with surgical and/or evaluation procedures in real time. We believe that our technology will enable early detection and more reliable diagnosis of various diseases, such as melanoma, Barrett's esophagus (that can lead to esophageal cancer) and lung cancer. We expect that medical devices using or based on our developed technology can significantly improve long-term patient outcomes and may substantially reduce overall costs for the healthcare system. For more information, please visit http://www.opmol.com.
This news announcement contains or may contain certain "forward-looking statements". Forward-looking statements may include, without limitation, statements regarding SMI's plans, objectives, projections, expectations and intentions and other statements identified by words such as "projects", "may", "could", "would", "should", "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Such forward-looking statements are subject to significant risks and uncertainties, including those detailed in filings made by Cascade Technologies Corp., SMI's parent, with the Securities and Exchange Commission. Accordingly we caution our readers that actual results may differ materially from our beliefs or expectations due to economic, business, competitive, market, and regulatory factors. We assume no obligation or undertaking to update any forward-looking statements to reflect any changes in expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. You should, however, review additional disclosures we make in the reports filed with the Securities and Exchange Commission.
Cascade Technologies Corporation
Daniel L. Farkas, Ph.D.
SOURCE Cascade Technologies Corp.