SOURCE: Vein Associates of America, Inc.

May 12, 2006 11:05 ET

Vein Associates of America Amends Its Charter in Connection With Private Placement

ORLANDO, FL -- (MARKET WIRE) -- May 12, 2006 -- Vein Associates of America, Inc. (OTC: VNAA) (the "Company"), a company that operates a network of modern, state-of-the-art medical facilities throughout the United States devoted to the treatment of vascular diseases, announced that it amended its charter in connection with a recently completed private placement which resulted in the Company receiving gross proceeds of $2 million.

The charter amendment was approved by a written consent executed by the holders of approximately 54% of the Company's outstanding voting stock. As a result of this amendment, the Company's authorized capital stock consists of an aggregate of one hundred and fifty-five million (155,000,000) shares of capital stock, comprised of the following classes: (i) one hundred million (100,000,000) shares of common stock, par value $0.001, per share ("Common Stock"), and (ii) fifty-five million (55,000,000) shares of preferred stock, par value $0.001, per share ("Preferred Stock"), of which forty-five million (45,000,000) shares of Preferred Stock have been designated as "Series A Convertible Preferred Stock."

Each share of Vein Associates capital stock outstanding immediately prior to the filing of the charter amendment was automatically converted into a share of Common Stock. A portion of the shares of Series A Convertible Preferred Stock was issued in connection with the private placement. The remaining shares of Preferred Stock are undesignated.

A copy of the Amendment which sets forth the terms and conditions of the Series A Convertible Preferred Stock can be obtained from the Office of the Secretary of State of Florida and from the Company, upon written request, addressed as follows: Vein Associates, Inc., Suite 100, 400 International Parkway, Heathrow, Florida, 32746.

About Vein Associates of America, Inc.

Vein Associates of America, Inc. operates a network of advanced and well-equipped medical facilities devoted exclusively to the treatment of vein disease. The Company has established and is rapidly expanding highly specialized, professional medical treatment centers comprised of new and effective state-of-the-art techniques available in vein treatment. For more information, please visit our website: www.noveins.com

Forward-Looking Statement

Except for any historical information that they contain, the statements in this news release regarding Vein Associates of America, Inc.'s plans are forward-looking statements that are subject to certain risks and uncertainties, including, but not limited to, those relating to product demand, pricing, market acceptance, the effect of economic conditions, and intellectual property rights and the outcome of competitive products, risks in product development, risks of non-payment by insurance provides to Vein Associates and other factors discussed from time to time in Vein Associates of America, Inc.'s Securities and Exchange Commission filings. Vein Associates of America, Inc. undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made.

Contact Information

  • Contact:
    Eric Luetkemeyer
    President and CEO
    Vein Associates of America, Inc.
    407-708-5818