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Arrayit Closes Merger, Goes Public

NEW YORK (GenomeWeb News) – Microarray instrument and scanner company Arrayit said today that it has completed its merger with Integrated Media Holdings, and it has begun trading as a public company on the Over-the-Counter Bulletin Board under the ticker symbol "ARYC."

The Sunnyvale, Calif.-based company struck the plan to merge with the digital media company in February 2008 in a deal at around $23.1 million. It also announced at that time that it would start doing business under the Arrayit name, rather than its previous name of Telechem International, and would conduct a one-for-30 reverse stock split, which it also has now completed.

Arrayit CEO Rene Schena said in a statement that the conclusion of the "long process of going public" leaves the company in a position to "obtain capital for rapid expansion of our existing product line."

Arrayit also said that it has moved its domicile state to Nevada from Delaware, though its headquarters is in California.

The company's stock was trading today on the OTC BB at $.07 per share.

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