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Pacific Biometrics Completes $4 Million Debt Financing
Date:9/2/2009

40 monthly payments comprised of interest plus the amortization of principal. The Company is also obligated to pay a quarterly finance fee of $12,000 to Mr. Giles during the term of the Loan. The Company has the right, at its sole discretion, to obtain an additional $500,000 loan from Mr. Giles during the first 12 months of the Loan.

The Loan and Security Agreement required that the Company use a portion of the Loan proceeds to repurchase up to a maximum of 2.4 million shares of common stock held by certain stockholders, as designated by Mr. Giles, at a repurchase price of $0.70 per share. Accordingly, on August 31, 2009, the Company repurchased a total of 2,391,906 shares of common stock, of which 382,870 were owned by Mr. Giles and the remaining 2,009,036 shares were held by five other stockholders. To facilitate the stock repurchase, Mr. Giles purchased the shares from the other stockholders at a price of $0.70 per share, and then sold all of the shares to the Company at the same price of $0.70 per share.

"We believe this debt financing is in the best interest of our stockholders when compared with equity-based financing, for a number of reasons," continued Helm. "The Loan results in no dilution of our current stockholders, we issued no warrants to Mr. Giles, loan fees were modest, and there is no prepayment penalty. In addition, we were able to repurchase approximately 13% of our outstanding common stock at $0.70 per share, thereby improving the percentage ownership position of our remaining stockholders by approximately 14%. The reduction in number of shares outstanding also has the potential to increase the Company's future earnings per share."

"As noted previously in our news releases, we believe PBI is well-positioned to expand its role in the biomarker services industry, which represents a rapidly growing market that offers the potential for higher profit margins and the development of propri
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SOURCE Pacific Biometrics, Inc.
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