EXHIBIT 99.1
RTIN Holdings, Inc. Announces Completion of Private
Placement Offering
Longview, TX - June 30, 2003 RTIN Holdings (NASD OTC BB: RTNH), the Company is
pleased to announce today that it has completed a private placement with various
accredited investors (the "Investors") for Two Million One Hundred Thousand
Dollars ($2,100,000) of the company's restricted common stock and warrants,
without any registration rights. The offering consisted of 100,000 units at
Twenty One Dollars ($21) per unit with each unit consisting of 8 restricted
common shares, 5 Series A Warrants, 5 Series B Warrants, and 25 Series C
Warrants, all Warrants with a strike price of $1.50 per share. As part of the
offering the Warrants have been issued to the Investors but are held by the
Company's attorneys in escrow and will be returned back to the Company and
cancelled upon the meeting of certain benchmarks established in the offering. If
the benchmarks are not met then the Warrants are then exercisable by the
Investors on a pro-rata basis based on predetermined benchmarks. Although there
can be no guarantees, the Company's managements is confident that a majority, if
not all, of the A, B and C Warrants will ultimately be returned to the Company
and cancelled over the course of the next twelve months.
At the same time that this transaction was completed, these same Investors
purchased a significant portion of the Series A Preferred stock from the
Companies prior convertible holders and simultaneously therewith converted the
newly acquired Series A Preferred to common stock. The Companies prior
convertible holders also converted their remaining balance of Series A Preferred
to common stock thus eliminating all convertible instruments as of the close of
this transaction on June 27, 2003. In addition, the Company has settled the
long-running litigation between it and it's prior convertible holders as
announced in a press release earlier today.
Curtis A. Swanson, President of RTIN Holdings, Inc. stated, "This is a major
step forward for this Company and our shareholders. This transaction provides
the Company with the capital required to move forward with our expansion plans
for the Safe Med Systems and Safescript Pharmacies divisions and to close on the
MedEx Systems and Pegasus Pharmacy acquisitions while at the same time
eliminating all convertible instruments from our capital structure." Mr. Swanson
went on to say, "We are very pleased with these developments and are excited to
be working with our new Investors to position the Company for national growth
and exposure."
RTIN Holdings, Inc. is a public holding company with two operating subsidiaries,
Safe Med Systems, Inc. and Safescript Pharmacies, Inc. Safe Med Systems, Inc.
(TM) is a medical communications/technology company that provides
state-of-the-art, hand-held prescription units loaded with patent-pending
software and secure, broadband wireless technology. Safescript Pharmacies, Inc.
(TM) is the preferred retail pharmacy provider that specializes in filling
prescriptions generated by the Safe Med Systems technology. For additional
information please visit our websites at www.rtinholdings.com and
www.safemedinc.com
Contact: Curtis Swanson, President at cswanson@rtinholdings.com or 903-295-6800.
Certain statements in this news release may constitute "forward-looking"
statements within the meaning of section 21E of the securities and Exchange Act
of 1934. The Company believes that its expectations, as expressed in these
statements are based on reasonable assumptions regarding the risks and
uncertainties inherent in achieving those expectations. These statements are
not, however, guarantees of future performance and actual results may differ
materially. Other risk factors are listed in the most recent Annual Report on
Form 10-KSB and Quarterly Report on Form 10-QSB filed with the Securities and
Exchange Commission. Such forward-looking statements involve risks,