ANNOUNCEMENT - Notice of Special Meeting of StockholdersINVESTOR RELATIONS CONTACT:
Communications
Douglas Calder,
Director of Communications
(954) 233-8746 - Fax (954) 233-1414
E-mail: dcalder@viragen.com
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Viragen will hold a special meeting of stockholders at the Renaissance Plantation Hotel located at 1230 Pine Island Road, Plantation, Florida, on Wednesday, June 25, 2003 at 2:00 p.m. (EDT)
Stockholders of record at the close of business May 27, 2003 will be entitled to vote at the meeting or by proxy to authorize certain equity financings as well as to approve a proposal to increase the number of authorized shares from 250 million to 700 million.
A copy of the proxy statement is being mailed to stockholders on or about May 30, 2003. Stockholders are urged to read the proxy statement because it contains important information. Stockholders and investors may obtain a free copy of the proxy statement and other Company filings and documents by directly contacting the Company, by clicking the provided link or by accessing the SEC's website at http://www.sec.gov.
Click HERE for copy of proxy in .PDF format
"The Board has determined that the approval of these measures would provide Viragen the flexibility to execute its long-range business plan. Subject to approval by the stockholders, the Company will have access to our recently announced $12 million equity line of credit, subject to SEC clearance," stated Viragen's Chairman, Mr. Carl Singer. "We intend to draw upon the equity line as needed to fund our operations and progress our commercial and scientific programs. Our intent is to minimize the use of authorized but unissued shares, but we have based our request for the increased authorization on a set of assumptions which provides for unexpected events and/or opportunities. While the equity line will provide the needed funding, we will continue to seek strategic partners and new investors which could reduce the number of equity transactions needed to fund operations. Growth and expansion of our commercial activities could also diminish our reliance upon equity transactions to fund our business plan. In addition, management continues to aggressively contain costs, direct resources to priority programs and work towards building stockholder value. We appreciate our stockholders' continued support."
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