PLRS news:
98% Of the $3 Million in Convertible Debentures Issued in April 2006 Have Been Converted To Common Stock
HAIFA, Israel, Oct 24, 2006 (BUSINESS WIRE) -- Pluristem Life Systems, Inc. (OTCBB:PLRS) today announced that it has completed the conversion to common stock of 98% of the $3,000,000 in convertible debentures that were issued on April 3, 2006 . The total number of outstanding common shares is now about 254 million shares.
Zami Aberman, CEO of Pluristem, stated, "This development allows us considerably more financing flexibility. As a condition of the April financing, we were prevented from pursuing certain types of financing arrangements and our assets were encumbered as collateral security for repayment of the debentures, until over 75% of the debentures were converted to common stock. Now that the vast majority of the debentures have been converted into stock, our assets are no longer encumbered and we are no longer restricted in the type of financing arrangements that we can make. In addition, our balance sheet no longer will show the converted debenture proceeds as a liability."
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