Wednesday, August 6, 2008

Restructuring adds $3.8M for Aduromed’s med waste treatment

By Mass High Tech Staff

Aduromed Industries Inc., a medical waste treatment systems manufacturer, has raised new equity capital worth $3.8 million in light of company restructuring efforts, Aduromed officials report. The additional funds will be used for working capital, general corporate use and implementation of Aduromed’s new business plan, to be announced later.

The restructuring efforts included almost 271.5 million shares of common stock at 2.5 cents per share, with additional warrants to buy about 137.7 million shares. Existing stakeholders in Aduromed (OTC: ADRM) converted their securities into common stock and warrants to buy common stock as well.

Restructuring also included the appointment of Joseph Esposito as director and chairman of the board of Aduromed and election of Damien Tanaka as vice-chairman of the board.

Esposito will additionally advise the company in corporate and business development for three years.

Tanaka is the founder of Aduromed and will serve as acting CEO until a new president and CEO is named. At such time, Tanaka will be named chief development officer, responsible for Aduromed’s new product developments.

Aduromed develops the MedClean Series systems that treats bio-hazardous regulated medical waste and converts it into sterile disposable material. The Bethel, Conn.-based company, founded in 1997, is a wholly-owned subsidiary of Aduromed Corp.