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"ImageWorks is truly dedicated to my success. Their attention to detail and willingness to go the extra mile have been impressive - a welcome alternative to would-be competitors. They stand behind their products with excellent support."

~Robert Horowitz, DDS, Clinical Assistant Professor in the Department of Implant Dentistry at the New York University College of Dentistry, in private practice limited to Periodontics and implant dentistry in Scarsdale, NY and New York City

 

Jun 25, 2009

BIOWAVE INNOVATIONS, LLC & COMVEST CAPITAL, LLC TO INVEST $1.5 MILLION IN AFP IMAGING CORPORATION FOR GROWTH & EXPANSION

Elmsford, NY, June 23, 2009 - AFP Imaging Corporation (OTCBB: AFPC.OB) is pleased to announce that it has received a $1.5 Million investment in growth capital and debt restructuring from BioWave Innovations, LLC and ComVest Capital, LLC. 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 Corporation. 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.

 

AFP Imaging, a leading state of the art diagnostic imaging supplier with revenues of approximately $30 million, is a market leader with products for clinical applications in dental, medical and veterinary medicine under the brand names of AFP, DENT-X, EVA and NEWTOM. For over 30 years, the Company has developed and manufactured products that are installed in over 100,000 dental and medical facilities world-wide, including its latest digital imaging systems where it is a market leader in the Cone Beam 3-D x-ray imaging market. For additional corporate information please visit the company's corporate web site at www.afpimaging.com.

 

"Our investment in AFP Imaging will strengthen the company's commitment to world-wide growth, continued product innovation and outstanding customer service" stated 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 commented, "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."

 

About ComVest Capital., LLC

The ComVest Group is a leading Private Equity firm focused on investing in middle-market companies.  Since 1988 ComVest has invested more than $2 billion of capital in over 200 public and private companies worldwide.  Through its extensive financial resources and broad network of industry experts, it is able to offer companies total financial sponsorship, critical strategic support, and business development assistance.  ComVest's focus is centered on building industry leaders and creating long term value for equity holders.  For more information on ComVest, visit the company's web site at www.comvest.com.

 

About BioWave Innovations, LLC

BioWave Innovations is a Private Equity and Strategic Development firm which focuses on businesses with innovative products and services in the Medical, Life Science, Healthcare Services and Healthcare Information Technology sectors. Since 2001, BioWave has invested in a number of companies which, through its participation in strategic planning, restructuring and leadership development, have grown into thriving enterprises while creating substantial equity value for its shareholders.


The remarks contained in this press release and presented elsewhere by management from time to time contain forward-looking statements, which involve risks and uncertainties, including statements regarding the Company's plans, objectives, expectations and intentions.  The Company's actual results may differ significantly from the results discussed in this press release or in other forward-looking statements presented by management.  Among the factors that could cause actual results to differ materially include the failure of revenue on new products to develop as estimated, regulatory delays, loss of existing customers, the Company's inability to meet increasing demand for its new products, general downward trends in the Company's industry and other risks as described in the Company's filings with the Securities and Exchange Commission.  The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectation or any change in events, conditions or circumstances on which such statement is based.