PLYMOUTH MEETING, Pa., Jan. 21 /PRNewswire-Asia-FirstCall/ -- BMP Sunstone Corporation (Nasdaq: BJGP) (''BMP Sunstone'' or the ''Company'') today announced the completion of the exchange of approximately $10.7 million in principal amount of the Company's outstanding 10.0% Secured Promissory Notes due May 1, 2009 (the ''Original Notes''), by issuing new 12.5% Secured Promissory Notes, due July 1, 2011, in the same principal amount (the ''New Notes'').
New Notes shall be convertible into common shares of the Company, in whole or in part, any time after May 15, 2009. The Conversion Price shall be equal to the lesser of $5.00 or 115 percent of the sale price per common share in a Qualified Offering, as will be further described in a Form 8-K to be filed by the Company.
David Gao, Chief Executive Officer of BMP Sunstone, commented, ''Today we have significantly increased our financial flexibility so that we can put cash to work to grow our business, integrate our recent acquisitions, launch new products and navigate effectively in China's dynamic healthcare marketplace. Our ability to extend the maturity on some of our outstanding debt, during these unprecedented capital market conditions, speaks to the belief our investors share in BMP Sunstone's long-term prospects."
Additionally, BMP Sunstone today announced financial guidance for the full year 2009. Revenue is anticipated to reach $150 to $160 million, and non-GAAP net income is projected to be between $10 million and $13 million. The Company reconfirmed that for the year 2008, revenue is expected to reach $110 to $120 million, and non-GAAP net income is expected to be in the range of $6.0 to $7.0 million.
David Gao, Chief Executive Officer of BMP Sunstone, stated, ''We expect
2009 to be another record year for our Company, with ove
|SOURCE BMP Sunstone Corporation|
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