Warrant Holders to Pay $.05 to Extend
Call Provision to be Changed
SAN DIEGO, Oct. 23 /PRNewswire-FirstCall/ -- Imagenetix, Inc. (OTC Bulletin Board: IAGX), announced today that its Board of Directors have approved the extending of several series of warrants that are scheduled to expire on October 23, 2007. The majority of these warrants have an exercise price from $1.00 to $2.00
Warrant holders will have the right to have their warrants extended until October 23, 2010 provided they pay to the Company $.05 per warrant no later than November 30, 2007. Those who elect to extend shall have the $.05 payment deducted from their exercise price. In addition, the Company will now have the right to call any series of warrants if the stock should trade at a 20% premium to the exercise price for 10 business days.
Commenting on the extension, Mr. William Spencer, President of Imagentix said, "We have decided to give our warrant holders, who are mostly long term supporters of the Company, the opportunity to extend their warrants if they should choose. By changing the call provision it will allow the Company to call warrants as the stock price increases if the Company needs additional capital to expand branding of its retail 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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