Majority of Warrant Holders Subscribe to Offering
SAN DIEGO, Dec. 21 /PRNewswire-FirstCall/ -- Imagenetix, Inc. (OTC Bulletin Board: IAGX), announced today that 53 warrants totaling 3,110,710 warrant shares were extended until October 23, 2010 in response to the offering. The warrants extended had exercise prices from $1.00 to $2.00.
The warrants holder's paid the Company $.05 per warrant share for the extension resulting in the Company receiving, approximately $155,000. During the offering period 146 warrant shares were exercised and 539,755 expired.
Along with the extension of time the terms of the call provisions were changed. The Company now has the right to call any series of its warrants if the stock should trade at a 20% premium to the exercise price of the warrant for 10 business days.
Mr. William Spencer, President of Imagenetix, commenting on the offering said, "I was extremely pleased that so many of our long term supporters took advantage of this offering. The change in the call provision will allow us to raise additional capital, as the stock price increases, which we can use to expand our branding efforts and for the development of new products."
Based in San Diego, California, Imagenetix, (OTC Bulletin Board: IAGX) is an innovator of scientifically tested, natural-based, proprietary bioceutical products developed to enhance human health on a global basis. Imagenetix develops, formulates and private-labels propriety over-the-counter topical creams, skincare products and nutritional supplements to be marked globally through multiple channels of distribution. In addition, the company develops patentable compounds for entering into licensing agreements with pharmaceutical partners. Imagenetix is the creator of Inflame Away(TM)- Celadrin(R), which has been clinically tested to relieve osteoarthritis pain and significantly improve joint health. For more information, please visit, http://www.imagenetix.net.
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, the size and timing of customer contracts, new or increased competition, changes in market demand, and seasonality of purchases of the company's products and services. These factors and others could cause operating results to vary significantly from those in prior periods and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included in certain forms the company has filed and will periodically file with the Securities Exchange Commission.
|SOURCE Imagenetix, Inc.|
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