$OCLG..The latest!>>>>LAFAYETTE, LA--(Marketwired - Jan 26, 2015) - Oncologix Tech Inc. (OTC PINK: OCLG), a fully reporting, diversified medical holding company with operating units in medical devices, technologies and products, and healthcare services, announces continued note reduction strategy by retiring yet another convertible note.
Wayne Erwin, OCLG's Chief Executive Officer, remarked, "We continue to increase shareholder value by reducing the gross amount of convertible notes outstanding and, more importantly, prior to their conversion. Our corporate strategy is to retire all notes prior to their conversion dates. This most recent payoff eliminated the issuance of over 16 million shares of our common stock. We have requested of the note holder to amend its Schedule 13G filing, to properly reflect zero (0) beneficial shares owned as of January 23, 2015. At no time did the note holder possess beneficial ownership of the stated shares."
Mr. Erwin further commented, "Over the past several months we have retired similar convertible notes, representing the potential issuance of over 50 million shares, utilizing our internal cash flows. At present, we have notes remaining with a combined principal balance under $65,000, which we are confident will also be retired. This strategy benefits the company in multiple ways including reducing shareholder dilution and overall corporate debt. This proactive management strategy furthers our corporate mission to firstly deliver shareholder value."
About Oncologix Tech
Oncologix is a diversified medical holding company that operates and manufactures Class II medical device products, delivers Personal Health Care Services, and sells and distributes Durable and Home Medical Equipment. For its clients, Oncologix provides FDA approved medical devices, state licensed healthcare services, and medical products and technologies. For its shareholders, Oncologix operates profitable divisions that build, maintain and nourish shareholder value. The Company's corporate mission is to be the best small cap medical holding company in North America.
This press release may contain forward-looking statements, made in reliance upon Section 21D of the Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. The Company's expectations, among other things, are dependent upon economic conditions, continued demand for its products, the availability of raw materials, retention of its key management and operating personnel, its ability to operate its subsidiary companies effectively, need for and availability of more capital as well as other uncontrollable or unknown factors which are more fully disclosed in the Company's filings with the Securities and Exchange Commission.
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