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ARFR been on the buyins.net site also so all the more reason it could rAdvanced Refractive Technologies, Inc. Announces Restructuring of Debt


Delinquent Interest and Penalties Waved

SAN CLEMENTE, Calif., Mar 31, 2006 (PRIMEZONE via COMTEX) -- Advanced Refractive Technologies, Inc. (ART) (OTCBB:ARFR) is pleased to announce that Phase 1 Holdings LLC (PH1), a New York Based Holding Company, has acquired approximately 70% ($4,513,600) of the outstanding convertible debentures issued by ART and currently outstanding. PH1 has agreed to waive all delinquent interest and penalties that ART has incurred to date on the acquired debentures. In addition, all warrants associated with the acquired debentures have been cancelled. PHI has advised ART that it plans to continue to negotiate to purchase the balance of the outstanding debentures.
George Haralampoudis, the managing partner of PH1, said, "Phase 1 Holdings stands prepared to assist ART in its future fund raising efforts in order to raise the necessary capital to retire the acquired debentures, as well as to fund future acquisitions of new technology in the ophthalmic field, and raise all necessary working capital."
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