From Fed Filing by INERGETICS
On December 20, 2013 Millennium Biotechnologies, Inc., the wholly-owned subsidiary of Inergetics, Inc. (collectively, the “Company”) was notified by the New Jersey Economic Development Authority that the Company has been preliminarily approved for the Technology Business Tax Certificate Transfer Program. The Company has been preliminarily approved for State Fiscal Year 2014 to transfer $3,357,144 of total available New Jersey State tax benefits of $3,357,144. The transfer should close in January, 2014.
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The Press release also stated:
Inergetics, which employs twelve full time employees of which eleven are located in New Jersey, relocated to the Innovation Zone of Newark, NJ in 2013 and expects to receive cash after fees of $3.055 million in January of 2014. The state funding is non-dilutive and does not add shares or debt to the capital structure of the company.
