NuVim(R) Announces Recapitalization: Over $2.6 Million of Notes, Loans, Interest, and Other Payables Converted Into 56,000,000 Shares of Common Stock
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o NUVIM INC
Press Release Source: NuVim, Inc. On Wednesday June 23, 2010, 8:49 am EDT
PARAMUS, NJ--(Marketwire - 06/23/10) - NuVim, Inc. (Pinksheets:NUVM - News), a leading provider of nutritional refrigerated and shelf stable ready-to-drink beverages as well as powder mixes, announced today that it has significantly restructured its balance sheet as a result of agreements with its note holders, employees, contractors and a supplier.
* Notes, including all the Senior Secured Notes, two-thirds of the remaining principal of the Convertible Notes, and the only other note, together representing principal and interest aggregating almost $1,125,000 have been converted into about 38 million shares of common stock and settled one for less than $35,000.
* Open obligations to service providers, including employees, aggregating over $1,250,000, have been discharged by conversion into approximately 15 million shares of common stock and by the payment of approximately $50,000.
* Loans from directors, aggregating almost $215,000, including interest, have been discharged by conversion into approximately 3 million shares of common stock and the payment of approximately $35,000 over seven months without additional interest.
These agreements result in the elimination of over $2.6 million of long-term and current liabilities.
Rick Kundrat, NuVim®'s CEO, says, "This Balance Sheet cleanup and the resulting reduction in interest expense have increased NuVim's attractiveness to equity investors. Securing stable, long-term financing will allow our senior executive team to better grow NuVim®'s healthy beverage business.
"In addition, we are pleased with NuVim®'s new web-site. It provides a more comprehensive explanation of what NuVim® is all about when potential customers visit our attractive and informative site, as well as generating more powder mix consumer sales."
About NuVim: NuVim® is a one of a kind beverage. NuVim® contains lactose free whey protein, a prebiotic fiber based on extensive research and development that spanned over 30 years, and essential minerals and vitamins. NuVim® helps maintain a strong immune system, increase vitamin and mineral absorption, especially calcium for bone and muscle health, and improves digestion. With only 45 calories per 8 ounce serving and its nutritional values, NuVim® could be considered the "Best Thing You Can Drink." After drinking NuVim® for 30 days, NuVim® guarantees you will "Feel the Difference." NuVim® has no high fructose corn syrup, no lactose, no cholesterol, no fat, no artificial flavors or colors, and no caffeine. The powder mixes in Chocolate, Vanilla, and Strawberry flavors can only be purchased on line.
To learn more about NuVim® visit www.nuvim.com or call toll free 877-850-8777.
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