CHICAGO, Ill., Aug. 4, 2004 (PRIMEZONE) -- Molecular Diagnostics, Inc. (OTCBB:MCDG) announced today that at its Annual Meeting of Shareholders held on July 29, 2004, the Company's shareholders approved the election of directors and all of the proposed amendments and ratifications. Of particular importance was the amendment to its articles of incorporation providing for an increase in the authorized shares of common stock to 300 million. The increase in authorized shares will provide the Company the ability to continue with its restructuring efforts and provide for the opportunity to convert existing convertible debt of up to $6.5 million into common shares. In addition, the authorized shares provide the Company the flexibility necessary to raise additional capital as needed for worldwide marketing and distribution, clinical trials, and the continued debt restructuring.
Denis M. O'Donnell, M.D., President and Chief Executive Officer of Molecular, commented, "I am extremely pleased that the shareholder's overwhelmingly voted to support management's recommendations. In addition, the shareholders vote demonstrated solid support of the Company's restructuring efforts and provided the additional common shares necessary for the Company to convert existing debt into equity."
About Molecular Diagnostics, Inc.
Molecular Diagnostics develops cost-effective cancer screening systems, which can be utilized in a laboratory or at the point-of-care, to assist in the early detection of cervical, gastrointestinal, and other cancers. The InPath System is being developed to provide medical practitioners with a highly accurate, low-cost, cervical cancer screening system that can be integrated into existing medical models or at the point-of-care.
More information is available at: www.Molecular-Dx.com
Certain statements in this release are forward-looking. These statements are based on Molecular Diagnostics' current expectations and involve many risks and uncertainties, such as the company's inability to obtain sufficient financing, the possibility that clinical trials will not substantiate Molecular Diagnostics' expectations with respect to the InPath(TM) System, and other factors set forth in reports and documents filed by Molecular Diagnostics with the Securities and Exchange Commission. Actual results may differ materially from Molecular Diagnostic's current expectations depending upon a number of factors affecting the Company's business. These factors include, among others, risks and uncertainties detailed in the Company's periodic public filings with the Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-K for the year ended December 31, 2003 and its Quarterly Report on Form 10-QSB for the quarter ended March 31, 2004. Except as expressly required by law, Molecular Diagnostics undertakes no obligation to publicly update or revise any forward-looking statements contained herein.