BETHEL, Conn., Feb. 3, 2006 (PRIMEZONE) -- On January 23, 2006, Aduromed Corporation of Bethel, Connecticut, completed a $7,000,000 equity financing with Pequot Capital Management, Inc. of Westport, Connecticut, and Siar Capital of New York City, and its "reverse merger" with the public company General Devices, Inc. (OTCBB:GDVC).
Aduromed is in the business of designing, fabricating and installing systems for treatment and disposal, in situ, of regulated medical waste. Its principal product is the Aduromed MedClean(tm) Series System.
As a result of the merger, GDVC will be the holding company of Aduromed; the officers of Aduromed prior to the merger will also now be those of GDVC, and Aduromed will continue as an operating company.
Damien R. Tanaka, CEO and President of Aduromed and now of GDVC, stated, "We believe our new financing will provide working capital to meet growing demand for our MedClean(tm) Series System. Demand has been accelerating through our association with Aramark and, generally, from the medical care community's growing interest in our System. The financing also provides funds to continue commercializing new products for related markets now in the planning stage."
The new members of the Boards of Directors of the companies are Mr. Tanaka, Kevin T. Dunphy, Jay S. Bendis, Elan Gandsman, Ronald A. LaMorte, Paul Farrell and Philip Anderson. The President/CEO and Treasurer/CFO of both companies are Messrs Tanaka and Dunphy, respectively, who are augmented on the Aduromed level by a management team of Stephen Birch, VP Business Development; Timothy Hertweck, VP Sales; Rob Meyer, VP Operations and Marketing; and Ralph Toro, Director of Technical Services.
Aduromed was assisted in negotiating the financing by Kuhns Brothers, Inc. of Connecticut.
About Aduromed Corporation:
Aduromed is one of the largest modern day providers of systems for the on-site treatment, process and safe disposal of regulated medical waste. It provides proprietary equipment and systems for safe, economic and compliant on-site treatment and disposal of medical waste. With a strong base of suppliers and clients it is positioned for significant growth within the medical waste industry.
Aduromed's MedClean(tm) Series System treats and processes all forms of regulated medical waste, sterilizing the waste prior to rendering the sterilized waste unrecognizable and through use of a unique and proprietary dual-stage shredding machine, converts such waste into safe municipal solid waste ("MSW") for disposal into a normal landfill. The System is part of Aduromed's MedClean(tm) Program, which incorporates collection, transportation and processing of medical waste on site, and eliminates any manual handling or transfer of the medical waste until its conversion into MSW, thereby protecting the operator and limiting liability for the institutions using the Program. The unique design and arrangement of the System's components make it the smallest footprint within an industry where real estate is at a premium. Each MedClean Series(tm) System installation is sized appropriately to ensure ample capacity to treat and process medical waste efficiently and effectively.
The current U.S. medical waste market is estimated to be $3 billion. Further Information on Aduromed can be found at www.aduromed.com, and in GDVC's filings with the Securities and Exchange Commission found at www.sec.gov.
The statements made in this press release that are not historical fact are "forward-looking statements" which are based upon current expectations that include a number of risks and uncertainties. Further information on potential factors that could potentially affect GDVC is included in the Company's recent filings with the Securities and Exchange Commission.