Park Meditech gets $10 million infusion

Park Meditech of Lachine, Quebec, the parent company of gammacamera vendor Park Medical, has signed a deal with a Canadiancapital development fund for a private placement worth up to $10million in funds for Park. The fund, Fonds de solidarite des travailleursdu Quebec (the Fonds), agreed to purchase debentures and commonstock issued by Park.

As part of the deal, Park investors Pinetree Capital and Analogichave agreed to convert debt owed to them by Park into notes andcommon stock. Once the debentures are converted and the deal finalized,the Fonds could own up to 12.5 million shares of Park stock, representing27% of shares outstanding, and would be Park's largest shareholder.