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Abaxis

This article was originally published in The Gray Sheet

Executive Summary

Private placement of $4 mil. in convertible preferred stock is completed. The new shares may be converted into common stock at $2.50 each, however, the preferred stock automatically converts into common after Oct. 31, 2002. Proceeds will be used for capital equipment expenditures to automate and expand manufacturing, increase sales and marketing efforts, and for general working capital purposes
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