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Arrayit Corporation Announces Stock Dividend Distribution Date for Shareholders
Press Release Source: Arrayit Corporation On Wednesday February 15, 2012, 8 AM PST
SUNNYVALE, Calif.--(BUSINESS WIRE)-- Arrayit Corporation (OTCQB: ARYC) announces today that the shareholder stock dividend in the new spin-off Arrayit Diagnostics, Inc. (AD) will be determined by the number of ARYC shares owned as of the record date, which is expected to occur by the end of the first quarter, March 30th, 2012. Upon completion of the spin-off, AD will operate as an independent entity and its common stock will trade as a new ticker symbol on either the NASDAQ or OTCQB. AD CEO John Howell will lead the new company, and is expanding its executive team and forming a Scientific Advisory Board.
John Howell states, “The spin-off will allow Arrayit Corporation and AD to maximize shareholder value by providing a stock dividend and enabling the two companies to focus on their core competencies.” AD’s initial focus will be on FDA approval, sales and marketing of its proprietary OvaDx® test, the first definitive diagnostic screening tool for pre-symptomatic ovarian cancer detection. “This pure play in diagnostics will enhance AD’s ability to attract investors and the licensing partners necessary to fulfill our mission of creating the diagnostic tools required to significantly impact oncology.”
Arrayit Corporation will focus on its life sciences tools business, OvaDx® manufacturing, and on further developing its proprietary pipeline of new tests for Parkinson’s Disease, Plavix® compatibility, male fertility, prostate cancer, and other conditions. These microarray-based tests will be available to the public upon FDA approval.
About Arrayit Corporation
Arrayit Corporation 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. Visit www.arrayit.com more information.
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, 2010 and Form 10-QA for the fiscal quarter ended September 30, 2011.
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