SUNNYVALE, Calif., (November 15, 2012- BUSINESS WIRE) — Arrayit Corporation (OTCQB:ARYC) (“ARYC”) is pleased to announce that Arrayit Diagnostics, Inc. (“AD”) has filed an S-1 registration statement with the Securities and Exchange Commission today. Upon the effective date of the registration statement, AD will be an independently traded public company and will distribute one share of AD for approximately every 3.34 shares of Arrayit Corporation held shortly thereafter.
John Howell, President and CEO of AD, stated, “Upon approval of this registration statement by the SEC, AD will be spun off from ARYC, allowing us to proceed with the previously announced financing agreement. We are confident that our efforts to commercialize our proprietary Diagnostic tests will be achieved.”
Rene Schena, ARYC CEO, adds, “The accretive benefits to our shareholder base, by granting them ownership in an additional public company, enables them to benefit from two distinct revenue streams.”
About Arrayit Corporation
Arrayit Corporation, (publicly traded under symbol “OTCBB:AYRC”) headquartered in Sunnyvale, California, leads and empowers the genetic, research, pharmaceutical and diagnostic communities through the discovery, development and manufacture of proprietary life science technologies and consumables for disease prevention, treatment and cure. Please visit www.arrayit.com for more information.
About Arrayit Diagnostics
Arrayit Diagnostics (website http://arrayit.com/Microarray_Diagnostics/microarray_diagnostics.html), headquartered in Redmond, Oregon, is leading the research and approval process of diagnostic tests for cancer based on molecular diagnostic technology.
About American Equity Fund LLC
The American Equity Fund LLC (“AEF”) provides an alternative funding mechanism, an Equity Line Facility (“ELF”), for SEC reporting publicly traded micro- and small-cap companies that want to take control of their financial futures. An ELF is a flexible financing structure in which AEF commits to purchase shares of Common Stock directly from an Issuer, at prevailing market prices, over a multi-year period. When an Issuer elects to drawdown on the ELF, AEF is obligated to purchase an amount of shares equal to the dollar amount requested with a discount to market and warrant coverage to underwriting expenses. Issuers request drawdowns at their discretion in accordance with the terms of their funding agreement.
About Rhodes Holdings LLC
Rhodes Holdings LLC (“RHL“, https://rhodesholdings.wordpress.com) was founded on the principle that public companies‘ top officers need help with the complexities and demands of the public markets. Funding their companies and managing public S.E.C. reporting shouldn’t take all of these officers’ time and that is when RHL comes in. RHL provides a turnkey solution for companies that would like the benefits of being public but have not experienced it before. RHL was founded by Mr. Robert C. Rhodes in 2005. Mr. Rhodes is surrounded by professionals dedicated to your success, including SEC lawyers, general counsels, auditors, IR professionals, and investment sources that he has historical knowledge.
Safe Harbor Statement
We have identified forward-looking statements by using words such as “expect,” “believe,” and “should.” Although we believe our expectations are reasonable, our operations involve a number of risks and uncertainties that are beyond our control, and these statements may turn out not to be true. Risk factors associated with our business, including some of the facts set forth herein, are detailed in the Company’s Form 10-KA for the fiscal year ended December 31, 2011 and Form 10-Q for the quarter ended June 30, 2012.