Las Vegas, NV -- (SBWIRE) -- 07/23/2013 -- Applied DNA Sciences Inc (OTC:APDN) signed a Securities Purchase Agreement with Crede CG III, Ltd. Under the agreement, Crede will finance the company up to $7.5 million. Crede owns shares of APDN.
APDN received $2,000,000 gross proceeds by exchanging restricted common stock at par of $0.187 per share. Crede will invest further $5,500,000 in the Company. Second closing will be carried out at $1,000 per share of preferred stock.
Applied DNA Sciences, Inc. offers security solutions made up of botanical substances. APDN products can secure merchandise and decrease theft rates and illegal copying. The DNA of plants is input to make DNA IDs. The company presented DNA solutions can be used to track cash and ATM frauds. In the same way, items can be secured through the production process guaranteeing there is no loss of items through the assembly line.
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