CalciTech Ltd. (OTCBB:CLKTF)
announces that Epsom Asset Management Ltd., who has assisted the funding of the Company for a number of years, has agreed to convert USD 2.3 million of its outstanding working capital credit facility as at 31st December 2010. USD 1 million has been converted into the new series of notes announced in April 2010 and the balance of USD 1.3 million into the Company’s common shares at a price of USD 0.085 per share, resulting in the issue of 15,294,118 shares. Epsom have further extended this facility until 31st August 2012.
Roger Leopard, CalciTech CEO, stated, "We are delighted with Epsom having agreed to a further conversion into the new series of convertible notes and common shares, and extension to the repayment date of the working capital credit facility, which provides us with sufficient working capital for the coming year."
The directors of the company take responsibility for this announcement.
This press release contains "forward looking statements" including forward looking statements as that term is defined in section 27a of the United States Securities Act of 1933 and section 21e of the Securities and Exchange Act of 1934. Statements in this press release, which are not purely historical are forward looking statements and include any statements regarding beliefs, expectation or intentions concerning the future. Forward looking statements in this press release include, but are not limited to statements which are subject to a number of contingencies and uncertainties, including, but not limited to, market acceptance for CalciTech's products, manufacturing of CalciTech's products in a commercial setting, obtaining adequate financing and construction management for products and obtaining appropriate permits.
It is important to note that the corporation's actual outcomes may differ materially from those in forward looking statements contained in this press release. Although the company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations and intentions will prove to be accurate. Readers should refer to the risks disclosures in the company's public filings with the Securities and Exchange Commission.