Monday, November 24, 2008 9:26:04 PM
Wednesday September 24, 7:01 am ET
Frees Company to Partner Technologies, Seek New Acquisitions
ROCHESTER, NY--(MARKET WIRE)--Sep 24, 2008 -- Biophan Technologies, Inc. (OTC BB:BIPH.OB - News) today announced execution of a prepayment agreement with the holders of its senior debt.
The prepayment agreement eliminates the remaining $2.3 million in senior debt that would have been paid by issuance of common stock, and cancelled warrants held by the note holders to purchase another 17 million shares of commons stock, in exchange for a cash payment of $2.15 million plus delivery of 18 million shares. The prepayment agreement leaves the Company with twelve months of cash available.
John Lanzafame, Biophan's CEO, stated, "This settlement is an important transaction for Biophan. Prepayment of the senior debt eliminates further dilution to our shareholders that would have resulted from the monthly common share issuances for payments under the notes and the purchase of the warrant shares and removes the constraints imposed upon the Company by the senior debt agreements. This transaction puts the Company in a much stronger position to move forward on meaningful transactions designed to bring our technologies to the market and to seek acquisitions of new technologies to bring additional value to our shareholders."
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