NEWS article EXTI December 2, 2003
Exten Industries Announces $1.1 Million Increase in Shareholders Equity
Tuesday December 2, 8:12 am ET
WARWICK, R.I.--(BUSINESS WIRE)--Dec. 2, 2003--Exten Industries, Inc. (Exten) (OTCBB:EXTI - News), a company selling liver cells to pharmaceutical companies, today reported that holders of the Company's convertible notes have elected to exchange $902,500 of debt for common stock. In addition, employees and directors of the Company have invested $268,000 to exercise stock options. The combination of note conversions and the exercise of stock options will add over $1.1 million of equity onto the company's balance sheet and will not only ease the debt load but will end the corresponding interest obligations on the notes.
Exten raised $1.7 million over the past two years through the sale of convertible notes in order to finance the acquisition and operations of MultiCell Technologies, Inc., now a wholly owned subsidiary. Note holders, which included officers, directors, and employees of the Company, converted the debt owed to them by the Company into shares of the Company's common stock at conversion prices of $0.10, $0.15 or $0.20 per share, in accordance with the terms of the notes. The stock options were exercised at prices ranging from $0.06 to $0.21 per share.
Mr. Jerry Newmin, Chairman and CEO of Exten, stated, "The note conversions and exercised stock options enable us to free our balance sheet of a majority of our debt and adds additional cash for operations. We expect that other note holders will convert their notes to common stock during 2004. The company now has a comfortable working capital position which will allow us to move some of our other product development programs forward."
About Exten:
Exten Industries, Inc., through its two subsidiaries Xenogenics Corporation and MultiCell Technologies, Inc., is engaged in developing liver-based products in the medical device, therapeutic and pharmaceutical testing arenas. Xenogenics is developing the Sybiol® synthetic bio-liver device. MultiCell provides hepatic (liver) cells and cell lines to pharmaceutical companies, and is developing cell-based toxicological and drug screening tests and biologics for use in diagnostic and therapeutic applications. MultiCell's cellular product expertise also enables production of liver-derived therapeutic proteins. Exten's corporate and research headquarters are in Warwick, Rhode Island. For more information about Exten and its subsidiaries, visit www.exten.com. Information included on the Company's website is not incorporated herein by reference or otherwise.
The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission including the Company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements.
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