KENNEWICK, Wash., March 16, 2009 (GLOBE NEWSWIRE) -- Advanced Medical Isotope Corporation ("AMIC") (Pink Sheets:ADMD)(http://www.isotopeworld.com), a company engaged in the production and distribution of medical isotopes, announced today that one of its directors, Carl Cadwell, converted 95,000 shares of AMIC's Series A Preferred Stock into 10,857,142 shares of the Company's common stock.
The Series A Preferred Shares purchased by Dr. Cadwell were originally issued in September, 2006, to Utek Corporation (AMEX:UTK) for AMIC's purchase of technology from Utek. The Series A Preferred Stock conversion was based on AMIC's common stock's average closing price for the ten trading days before the date of conversion.
CEO James C. Katzaroff said, "This purchase from Utek and subsequent conversion of our Series A Preferred Stock by director Carl Cadwell significantly reduces the overhang on our common stock. Furthermore, while increasing his stake to approximately 40% of AMIC, we sincerely appreciate Mr. Cadwell's continued confidence in AMIC's direction and management."
About AMIC
Advanced Medical Isotope Corporation(AMIC) is a medical isotope production company engaged in the production and distribution of medical isotopes and medical isotope in vivo delivery systems for advanced diagnostic and non-surgical therapeutic applications. AMIC's goal is to empower physicians, medical researchers, and ultimately patients by providing them with essential medical isotopes that, until now, have not been feasible or economical, in an effort to cure human disease.
For more information, please visit our website, http://www.isotopeworld.com
The Advanced Medical Isotope Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5139
Safe Harbor Statement
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control.