Date: Monday April 5, 2010 10:58:53 am
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AnonymousInactive
http://www.prnewswire.com/news-releases/media-sciences-international-modifies-microcapital-notes-and-repurchases-warrants-89542957.htmlMEDIA-SCIENCES INT’L FINDS WAY OUT OF
NASDAQ DELISTINGMedia 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.
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