MEDIA-SCIENCES INT'L FINDS WAY OUT OF NASDAQ DELISTING

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MEDIA-SCIENCES INT'L FINDS WAY OUT OF NASDAQ DELISTING

 user 2010-04-05 at 10:58:53 am Views: 43
  • #23830
    http://www.prnewswire.com/news-releases/media-sciences-international-modifies-microcapital-notes-and-repurchases-warrants-89542957.html
    MEDIA-SCIENCES INT’L FINDS WAY OUT OF
    NASDAQ DELISTING

    Media Sciences
    International Modifies Microcapital Notes and Repurchases Warrants
    APRIL
    2010- Media Sciences International, Inc. (Nasdaq: MSII) today entered
    into agreements with Microcapital Fund Ltd. and Microcapital Fund L.P.
    to modify the 10% Convertible Notes and to repurchase the related Series
    A and Series B Warrants the Company sold to these entities on September
    24, 2008, in exchange for 400,000 shares of the Company’s common stock.

    Through
    these agreements, the parties agreed to certain modifications to the
    terms and conditions of the 10% Convertible Notes held by Microcapital
    Fund Ltd. and Microcapital Fund L.P., including the elimination of the
    convertible feature of the notes, and to the repurchase and cancellation
    of all warrants issued and contingently issuable under the original
    transactions.  Upon closing of the transaction, the notes issued to the
    Microcapital entities will be non-convertible subordinated debt of the
    Company.

    Media Sciences International’s President and CEO
    Michael Levin commented, “We believe the modification of the notes and
    repurchase of the warrants enhances our capital structure by eliminating
    the significant dilution that could have resulted from the nearly 2.3
    million shares of the Company’s stock that were potentially issuable
    under the original agreements.  This transaction also provides us
    greater flexibility to finance the future growth of Media Sciences.”

    About
    the Company:

    Media Sciences International, Inc. is the leading
    independent manufacturer of new build solid ink and color toner
    cartridges for office color printers. As the premium quality color toner
    and solid ink alternative to the printer manufacturer’s brand, Media
    Sciences’ 100% newly manufactured color toner and solid ink products for
    use in Dell®, Konica Minolta®, OKI®, Ricoh®, Samsung®, and Xerox® and
    many other color printers deliver significant savings when compared to
    the printer manufacturers brand.