KEEGO HARBOR, MI--(Marketwired - January 08, 2015) - Zivo Bioscience, Inc. (OTCQB: ZIVO), formerly Health Enhancement Products, Inc., announced today that it has reached an accord with its primary lender, HEP Investments, LLC, to amend certain provisions in its convertible debt agreement, thereby limiting the dilutive effect previously created by conversion options.
The amended provisions relate to a conversion option that allowed HEP Investments, LLC, the Company’s primary lender, to convert its debt to shares at a 25% discount to market price. That conversion option has been rescinded, and the lender is provided the opportunity to convert debt to shares at the established price when the original loan installment was closed. Therefore, if the established price of the stock at the time of closing was 22 cents, the conversion price is also 22 cents, as are any warrants applicable to that transaction. The Company filed an 8-K on December 29, 2014 to more specifically describe the amendments.
“We view this as another vote of confidence in our direction and prospects,” states Philip M. Rice II, Board Chairman and Chief Financial Officer. “Our partners at HEP Investments had increased the available line of credit to $6 million just a few months ago, and have now helped us place the Company on a firmer foundation by minimizing any potential dilution to the Company’s common stock. We certainly welcome and applaud their decision.”
The amendments to the convertible debt agreement and share conversions come at a time when the Company expects to move forward with key initiatives and transactions, signaling a change of gears in the speed and scope of various projects underway. Further, the Company intends to continue its campaign to attract joint-venture / strategic partners and licensees.
About ZIVO Bioscience, Inc.
ZIVO Bioscience, Inc. (OTCQB: ZIVO) is a Michigan-based biotech company engaged in the investigation of the health benefits of bioactive compounds derived from its proprietary algal cultures, and the development of natural bioactive compounds for use as dietary supplements and food ingredients, as well as biologically derived and synthetic candidates for medicinal and pharmaceutical applications in humans and animals, specifically focused on autoimmune and inflammatory response modulation.
Safe Harbor Statement
Except for any historical information, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties. A number of factors could cause actual results to differ from those indicated in the forward-looking statements, including the timing of completion of a trial, actual future clinical trial results being different than the results the company has obtained to date, and the company’s ability to secure funding. Such statements are subject to a number of assumptions, risks and uncertainties. Readers are cautioned that such statements are not guarantees of future performance and those actual results or developments may differ materially from those set forth in the forward-looking statements. The company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information or otherwise.
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