VANCOUVER, British Columbia, Jan. 5 /PRNewswire-FirstCall/ -- The following was issued today by Robert Kramer, Director, Current Technology Corporation :
Current Technology (the "Company") is pleased to announce that it has reached a verbal agreement in principle with the Company's largest shareholder, Keith Denner, to extend the convertible promissory note (the "Note") which was due January 2, 2007 to January 2008. Total principal and interest due under the note is approximately $1,025,000 USD. Legal documentation to support the extention is being prepared, and closing is anticipated to occur within the next week or so. Subsequent to closing, the Company will issue a further news release reporting on the particulars of the transaction.
"We have reached an understanding that is fair to both sides," states Company CEO Robert Kramer. "We are not in a financial position to repay the Note at this time, and acknowledge that Mr. Denner could have placed undue pressure on the Company to further his position. He has not done so. We wish to thank him for continuing to act in a supportive manner, with the long-term interests of the Company clearly in mind."
ABOUT CURRENT TECHNOLOGY CORPORATION
Current Technology Corporation remains committed to developing its non- invasive pulsed electro-stimulation technology. This technology has enabled the company to develop two separate and distinct products emanating from the TrichoGenesis platform, thus far, that offer help for those concerned with their hair: ElectroTrichoGenesis (ETG) and CosmeticTrichoGenesis (CTG). Current Technology holds patents throughout the world and has spent over US $15 million in research and development of its TrichoGenesis platform and systems. The patents encompass the technology, methodology and design of the Company's products.
The news release contains forward-looking statements concerning the Company's business operations, and financial performance and condition. When used in the news release the words "believe," "anticipate," "intend," "estimate," "expect," "project," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contains such words. These forward-looking statements are based on current expectations and are naturally subject to uncertainty and changes in circumstances that may cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause such differences include but are not limited to technological change, regulatory change, the general health of the economy and competitive factors. Many of these factors are beyond the Company's control; therefore, future events may vary substantially from what the Company's currently foresees. You should not place undue reliance on such forward-looking statements.
Current Technology CorporationCONTACT: Robert Kramer of Current Technology Corporation, +800-661-4247;or investors, Richard Hannon of Polestar Communications, +866-858-4100, forCurrent Technology Corporation
Web site: http://www.current-technology.com//
