KENNEWICK, WA / ACCESSWIRE / December 2, 2016 / Advanced Medical Isotope Corporation ("AMI") (ADMD), a late stage radiation oncology focused medical device company, announced today that it has been awarded in the Superior Court of the State of Washington in and for Benton County, a total judgment of five-hundred-twenty-seven-thousand-eight-hundred-seventy-five-dollars and seventy-four cents ($527,875.74 USD), with interest accruing at the rate of twelve-percent (12%) until paid in full against BancLeasing, Inc.
The interpretation and application of the terms for finance leases from BancLeasing, Inc. to AMI for laboratory equipment, a linear accelerator, and tenant improvements have been contested by AMI since early in the contract. After failed attempts to settle the matter out of court, AMI filed a lawsuit and was recently awarded default judgment.
AMI Chief Financial Officer L. Bruce Jolliff stated:
"The Company is actively pursuing collection efforts, and while we can give no assurance as to the final amount and when we might collect, AMI will utilize every avenue possible to collect on this judgment."
About Advanced Medical Isotope Corporation
Advanced Medical Isotope Corporation (ADMD) is a late stage radiation oncology focused medical device company engaged in the development of yttrium-90 based brachytherapy devices for the treatment of non resectable tumors. The IsoPet Solutions division is focused on establishing the infrastructure necessary to provide product to veterinary clinics including regulatory clearances and compliance as well as providing product awareness and education to veterinary oncologists. Brachytherapy uses radiation to destroy cancerous tumors by placing a radioactive isotope inside or next to the treatment area. The Company intends to outsource material aspects of manufacturing, distribution, sales and marketing for its products in the United States and to enter into licensing arrangements outside of the United States, though the Company will evaluate its alternatives before finalizing its plans. For more information, please visit our websites: www.isopetsolutions.com and www.isotopeworld.com.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control.
Advanced Medical Isotope Corporation
James C. Katzaroff, CEO
1021 N Kellogg
Kennewick WA 99336
Circadian Group IR
Tyler Troup, B. Comm
SOURCE: Advanced Medical Isotope Corporation