UV Flu Technologies Inc. Pays Off All Current Due Debt
Published: Mar 01, 2011
CENTERVILLE, MA--(Marketwire - March 01, 2011) - UV Flu Technologies, Inc. (OTCBB: UVFT) (the "Company") is pleased to announce that, effective February 25, 2011, the Company's major lenders have agreed to convert 100% of their currently due debt, in the amount of $696,233.70, into restricted common shares of UV Flu common stock at a price of $.07. This transaction effectively restructures 81% of the Company's total debt. Of the $160,000 in debt remaining, $115,000 is due to the recent acquisition of RxAir.
"This is a huge plus for our shareholders," said Jack Lennon, President of UV Flu Technologies. "The arrangement leaves us with a debt to equity ratio under 5% while also significantly boosting our shareholders' equity. Savings on interest payments, along with other recent cost saving initiatives, will save the Company almost $200,000 annually, and will put us in healthy financial condition for the implementation of new marketing initiatives scheduled to commence over the next 30 days. These initiatives are designed to coincide with the planned introduction of a new product which we believe will revolutionize the market."
Further details regarding the Company's business, financial reports and agreements are filed as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.
About UV Flu Technologies, Inc. (OTCBB: UVFT)
UV Flu Technologies is an innovative developer, manufacturer and distributor of bio technology products initially targeting the rapidly growing Indoor Air Quality ("IAQ") industry sector. The Company manufactures the ViraTech UV-400, which utilizes high-intensity germicidal ultraviolet radiation (UV-C) inside a killing chamber that goes beyond filtration to destroy harmful airborne bacteria at rates exceeding 99.2% on a first-pass basis. The product also reduces odors, as well as the concentrations of Volatile Organic Compounds (VOC's). The FDA has issued a coveted Class II medical listing that enables UV Flu Technologies to market the product as a medical device. For more information visit: http://www.uvflutech.com/
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD
UV Flu Technologies, Inc.
John J. Lennon, President & CEO
Geaux IR Services, Inc.