$16 Million Cash On Hand and No Debt
NAPA, Calif., Oct. 13 /PRNewswire-FirstCall/ -- Senetek PLC (OTC Bulletin Board: SNKTY), a life sciences company engaged in the development of technologies that target the science of healthy aging, announced today that the company continues to maintain a strong, debt-free financial position. Current cash balances are in excess of $16 Million; $10 Million of which is invested in fully FDIC insured bank certificates of deposits and $6 Million on deposit in a money market account with Columbia Management, a wholly owned subsidiary of Bank of America, one of the strongest and most stable financial institutions in the world.
Management and the Board of Directors are closely monitoring current economic conditions relative to planned infrastructure spending and are taking all necessary steps to manage cash reserves while developing new technologies and investing in marketing and sales of current products to ensure growth and profitability. Given the current economy, Senetek plans a gradual build out of the infrastructure and new launches.
CEO, Frank Massino and CFO, Bill O'Kelly have requested that a portion of their salaries be paid in stock in lieu of cash. This proposal will be formally presented and voted upon at a board meeting this week. Existing trading window rules have precluded company insiders from purchasing stock since September 16, 2008. "By taking stock instead of cash salaries, the executive team demonstrates its faith in the company while working to conserve cash reserves," says Mr. O'Kelly.
The company will continue the launch of Pyratine-6(TM), Senetek's next
generation of skin care based on advanced cytokinin technology, which is
garnering support from leading dermatologists, plastic surgeons and thought
leaders in aesthetic medicine. Physician feedback has shown Pyratine-6(TM)
to be effective in treatments related to pre and post light facial peels,
post laser resur
|SOURCE Senetek PLC|
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