Mr. Richard T. Schumacher, President and CEO of PBI, said: "During the conference call after the release of our strong 2013 first quarter financial results, we discussed the importance of developing a clear and attainable path to financial strength, and the need to start that plan as soon as possible. With the Series J and $500,000 Note closings, we believe we have successfully achieved the initial objectives of our plan."
Mr. Schumacher continued: "Our next goal is to greatly strengthen our cash position before year-end. We believe this will enable us to take full advantage of the significant breakthroughs we have recently announced in our patented pressure cycling technology ("PCT") platform, as well as to continue to expand our customer base through sales of our existing and enabling PCT product line. We plan to achieve this goal through a combination of financings, continued reductions in costs, and measurable increases in revenue. We believe we are already well on our way to achieving this goal."
About the Series J Private Placement and Note
The units of Series J Preferred Stock and Warrants and the Note were issued only to accredited investors in private placements without registration under the Securities Act of 1933, as amended (the "Securities Act"), in reliance upon the exemption from registration set forth in Rule 506 of Regulation D promulgated under the Securities Act. This press release is not an offer to sell or a solicitation of offers to buy the units or shares of Series J Preferred Stock, shares of Common Stock, Warrants or Notes. The units, shares of Series J Preferred Stock, shares of Common Stock, Warrants and Notes have not been registered under the Securities Act and may not be sold in the United States absent registration under the Securities Act or an applicable exemption from registration requirements
|SOURCE Pressure BioSciences, Inc.|
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