WEST BRIDGEWATER, Mass., June 21 /PRNewswire/ -- Boston Biomedica, Inc. (Nasdaq: BBII), today announced that they have entered into a Settlement Agreement and Mutual Release with National Securities Corporation (National) and the Paradigm Group, LLC (Paradigm) relating to Warrants issued to Paradigm and National for the purchase of 500,000 shares of Boston Biomedica's common stock.
In August 1999, Boston Biomedica announced the completion of a private placement of 425,000 common stock purchase Warrants to Paradigm and 75,000 common stock purchase Warrants to National. Payment for the shares was not due until the registration of the shares was declared effective by the Securities and Exchange Commission. During the registration process, the purchase price of the shares fell below the market price. Consequently, it was agreed to be in the best interests of all parties to enter into a Settlement Agreement and Mutual Release.
By virtue of this Agreement and Release, all parties have agreed to rescind the exercise of the Warrants and to cancel any obligation to pay any exercise price relating to the Warrants. All parties have further agreed that they have no claims against each other relating to this transaction. Paradigm had initiated legal proceedings against Boston Biomedica and National in August, 2000, but dismissed the suit without prejudice in December, 2000. Paradigm has now agreed to dismiss the litigation against Boston Biomedica and National with prejudice and without attorney's fees or costs.
Statements contained in this news release that state Boston Biomedica's, National's, or Paradigm's intentions, hopes, beliefs, expectations or predictions of the future are "forward-looking" statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in Boston Biomedica's SEC filings, including but not limited to the Company's Annual Report on Form 10-K (as amended) for the year ended December 31, 2000, Form 8- K filed March 8, 2001, Form 10-Q for the quarter ended March 31, 2001, and in the Company's Registration Statements on Form S-3 (Reg. No. 333-46426 and Reg. No. 333-94379). Copies of these documents may be obtained by contacting the Company or the SEC.
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SOURCE Boston Biomedica, Inc.
Web site: http: //www.bbii.com
CONTACT: Richard T. Schumacher, CEO & Chairman, or Kevin W. Quinlan, President & COO, both of Boston Biomedica, Inc., 508-580-1900
