PR #7 Happy 2 Year Anniversary to Keith and his big lie! ( days late on this one, sorry.. hard to keep up with all the pink sheet fun!)
I believe this one is a fav of JohnnyC Free financing, folks!
DECN to Finance 2Q 2020 Roll Out of its GenViro! Covid-19 "Rapid" Kits Using Non-Dilutive Debt Financing Totaling $13 Million Acquired in Near 0% Rate Environment
Friday, March 20, 2020
COMPANY SEIZES OPPORTUNITY TO GET ITS 60 SECOND GENVIRO! "RAPID" KITS INTO THE MARKET, RECEIVES INITIAL DEBT COMMITMENT FROM PRIVATE FUNDS, PRODUCT UPDATES RESUME NEXT WEEK
LOS ANGELES, CA / ACCESSWIRE / March 20, 2020 /
Today, DECN announces that the company's Board of Directors (ed note, directorS? It's just you, Keith!) has approved the offering of $13 million in non-dilutive debt financing, the first $2 million in Notes, followed by a $1 million credit facility to purchase manufacturing equipment for their Korean manufacturing facility, and the remaining $10 million in a revolving line of credit to finance inventory. Each of the three offerings are already subscribed to.
With interest rates at near zero% and equity at a premium, our Board (no, "I", you idiot!) moved quickly to secure the debt. There is no equity component or stock conversion feature in any of the debt instruments. Prior to structuring the debt offerings, the company received an unsolicited commitment for at least $1 million in Notes and is collecting these subscriptions. Almost $500,000 has been received thus far with the remainder promised prior to March 31, 2020
Mr. Berman commented, "If banks and finance companies insist on nearly giving money away, we will take all we can. (pure comedy there!) The $13 million we seek, split by need, will carry us for the remainder of 2020. Using this debt as a cushion, we are also exploring partnerships and licensing arrangements. I have lost count of the people who have called me with the same one line opening, "stop your search, we're the only partner you will ever need." In more than one case the potential partner was spot-on. Our GenViro!TM Rapid Kit will offer Covid-19 test results for $6.95, test a patient in under a minute, require less than 2 microliters of whole blood derived from a finger prick."
(ed note, the only truth in this entire PR, is the last word of it!)
