Exhibit 99.1
Positron Corporation Receives Final Installment From Sales of
Convertible Notes to IMAGIN Diagnostic Centres,
Inc.
Institutional Investor Commits to Additional Funding of US$1
Million
HOUSTON,
TX. March 21, 2005 - Positron Corporation (OTCBB: POSC.OB), a
manufacturer of positron emission tomography ("PET") scanners
today announced that it had received the final installment of
funds from sale of $2,000,000 worth of 10% convertible
promissory notes to IMAGIN Diagnostic Centres, Inc., a private
Canadian company engaged in the development of PET ("Positron
Emission Tomography") centers. Proceeds from the notes were
used to build a sales and marketing team and support past and
current working capital needs.
Positron
also announced that it had reached an agreement on in
principle, on February 28, 2005, with an institutional
investor to provide in installments an additional $1,000,000
in financing to Positron through the purchase of secured notes
convertible into a new series of convertible preferred stock.
The convertible preferred stock will be convertible into an
aggregate of 22,000,000 shares of the company's common stock.
The investment is subject to the completion and execution of
definitive agreements and satisfaction of a number of
conditions. The proceeds will be used in the development of a
series of new PET and PET/CT scanners and for general
corporate purposes.
This
announcement is neither an offer to sell nor a solicitation to
buy any of these securities and shall not constitute an offer,
solicitation or sale in any jurisdiction in which such offer,
solicitation or sale is unlawful. This press release is being
issued pursuant to and in accordance with Rule 135c under the
Securities Act of 1933, as amended (the "Securities Act"). The
notes and the preferred and common stock issuable upon
convers
