Stephen Hicks, Chairman and CEO of Southridge LLC (“Southridge”), today announced that Southridge Partners II, an institutional investor, has entered into a $10 million equity purchase agreement with TechniScan, Inc. (OTC BB: TSNI), a medical device company engaged in the development and commercialization of an automated 3D breast ultrasound imaging system.
We are excited to be TechniScan’s equity investor in this major phase of developing better breast cancer diagnostics,” said Mr. Hicks. “Southridge is committed to working with TechniScan in the vital research of this emerging technology.”
Pursuant to a purchase agreement, TechniScan has the right, at its discretion, to sell to Southridge up to $10 million of its common stock over a 24-month period. The Company will have the right, but is not obligated, to sell stock to Southridge depending on certain conditions as set forth in the purchase agreement.
Southridge LLC is a diversified financial holding company offering a wide range of products and services, including Fund Management, Investment Banking, Merchant Banking, Wealth Management and Business Solutions.
Southridge Capital decided to take time out from the world of finance and macroeconomics to think about the business of entertainment. Looking at different forms of entertainment, Southridge Capital saw positive numbers. All of the sporting and entertainment events prove the American consumers do not mind spending money to have fun, which will help out everyone.
