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BioWave Innovations and ComVest Capital to Invest $1.5 Million in AFP Imaging

Posted on: Thu, 25 Jun 2009 00:50:00 EDT

Symbols: AFPC

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Jun 24, 2009 (Close-Up Media via COMTEX) --
AFPC | Quote | Chart | News | PowerRating -- AFP Imaging Corp. announced that it has received a $1.5 Million investment in growth capital and debt restructuring from BioWave Innovations and ComVest Capital.

In conjunction with the transaction, R. Scott Jones, Managing Director of BioWave Innovations, will assume the role of Chairman of the Board of Directors of AFP Imaging Corp. David Vozick and Donald Rabinovitch, the founders of the Company, will remain on the Board of Directors and will retain their roles as Chief Executive Officer and President of the Company respectively.

As part of the transaction, Jack Becker and Robert Blatt, current Board members of AFP, will retire and Gary Jaggard, Fund Manager of ComVest Capital will join the Company's Board.

"Our investment in AFP Imaging will strengthen the company's commitment to world-wide growth, continued product innovation and outstanding customer service" said R. Scott Jones. "We expect to build on the company's long history and solid reputation as a leader in its marketplace" added Jones.

David Vozick, CEO said, "Over the past five years, AFP has focused on, and invested in, the expansion of its R&D and marketing efforts for its digital imaging, radiographic product lines. This was done in parallel with medical professionals transitioning from x-ray film based equipment to digital formats with its inherent benefits. Patients and clinicians, around the world, are currently using AFP's proprietary technology and equipment. The Company's 3-D, NewTom dental x-ray scanner and the resulting images are but one example of this leadership role. The added investment by BioWave Innovations and ComVest will immediately help stabilize and improve the Company's financial condition during this difficult economic climate so that AFP may continue to thrive and grow."

The ComVest Group is a Private Equity firm focused on investing in middle-market companies.

BioWave Innovations is a Private Equity and Strategic Development firm which focuses on businesses with products and services in the Medical, Life Science, Healthcare Services and Healthcare Information Technology sectors.

((Comments on this story may be sent to health@closeupmedia.com))

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