Archon Capital Management LLC

June 06, 2007 16:04 ET

Archon Capital Management LLC Purchases Shares of CryoCath Technologies Inc.

SEATTLE, WASHINGTON--(Marketwire - June 6, 2007) - Archon Capital Management LLC ("Archon") announced today that it purchased, through Strategos Fund, L.P., a Delaware Limited Partnership, and Strategos Master Fund, L.P., a Cayman Islands Exempted Limited Partnership, an aggregate of 924,600 common shares of CryoCath Technologies Inc. ("CryoCath Shares") through the facilities of the Toronto Stock Exchange from May 29 to June 1, 2007. The 924,600 CryoCath Shares represent approximately 2.43% of the issued and outstanding CryoCath Shares as at June 5, 2007. Archon manages and is the general partner of Strategos Fund, L.P. and Strategos Master Fund, L.P., which funds are the beneficial owners of the CyoCath Shares controlled by Archon.

Prior to May 29, 2007, Archon controlled, through Strategos Fund, L.P., approximately 9.98% of the issued and outstanding CryoCath Shares. As a result of the purchases, Archon now controls 4,718,900 CryoCath Shares, or approximately 12.41% of the issued and outstanding CryoCath Shares as at June 5, 2007.

The CryoCath Shares were purchased for investment purposes. Archon may purchase additional CryoCath Shares in the future, subject to price and market conditions, but, as at the date hereof, it has no intention of purchasing such number of common shares as would result in it owning or controlling at least 20% of the issued and outstanding CryoCath Shares.

Contact Information

  • Archon Capital Management LLC
    Constantinos J. Christofilis
    (206) 438-1868