Arrayit Corporation (OTCQB: ARYC) (“ARYC”) is pleased to announce that Arrayit Diagnostics, Inc. (“AD”) has filed an S-1 registration statement with the Securities and Exchange Commission today. Upon the effective date of the registration statement, AD will be an independently traded public company and will distribute one share of AD for approximately every 3.34 shares of Arrayit Corporation held shortly thereafter.
John Howell, President and CEO of AD, stated, “Upon approval of this registration statement by the SEC, AD will be spun off from ARYC, allowing us to proceed with the previously announced financing agreement. We are confident that our efforts to commercialize our proprietary diagnostic tests will be achieved.”
Rene Schena, ARYC CEO, adds, “The accretive benefits to our shareholder base, by granting them ownership in an additional public company, enables them to benefit from two distinct revenue streams.”
About Arrayit CorporationArrayit Corporation, headquartered in Sunnyvale, California, 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. Please visit www.arrayit.com for more information. About Arrayit Diagnostics Arrayit Diagnostics, headquartered in Redmond, Oregon, is leading the research and approval process of diagnostic tests for cancer based on molecular diagnostic technology. 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, 2011 and Form 10-Q for the quarter ended June 30, 2012.
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