21st Oct 2011 11:57
PuriCore plc
("PuriCore" or the "Company")
Convertible Loan Notes Update
MALVERN, PENNSYLVANIA, AND STAFFORD, UK, 21st October 2011 - PuriCore (LSE: PURI), the water-based clean technology company focused on developing and commercialising proprietary, green solutions that safely, effectively, and naturally kill infectious pathogens, today updates the market on its current financial position and in particular in relation to the convertible loan notes issued by the Company on 14 June 2010 (the "Convertible Loan Notes"), details of which were announced and set out in a circular to shareholders on 28 May 2010.
The Convertible Loan Notes, amounting to £7.95 million, are repayable on 31 December 2011 subject to the holders having the right to convert all or part of their holdings into ordinary shares of the Company at a price (following the consolidation of the share capital on 14 June 2010) of 75p per share. As at 30 September 2011, the Company had cash balances of $5.9 million. The Company is currently exploring a number of options regarding the Convertible Loan Notes that include (but are not limited to) the following or a combination thereof.
·; Renegotiating the terms of the Convertible Loan Notes with holders including seeking an extension to the period of redemption or a reduction in the conversion price
·; Refinancing the Convertible Loan Notes with new debt
·; Refinancing the Convertible Loan Notes through the issue of new equity
It is emphasised that whilst the Board is actively considering all the above options, there is no certainty that all or any of them will be achievable.
Enquiries:
Financial Dynamics PuriCore
Susan Quigley Chris Wightman
Ben Brewerton Executive Chairman
+44 (0) 20 7831 3113 +44 (0) 20 7290 3440
About PuriCore
PuriCore plc (LSE: PURI) is a water-based clean technology company focused on developing and commercialising proprietary green solutions that safely, effectively, and naturally kill infectious pathogens without causing harm to human health or the environment. PuriCore's patented, proprietary technology mimics the human body's production of the natural antimicrobial hypochlorous acid, offering a safe and non-hazardous approach to disinfection and sanitisation. The Company's products are used in a broad range of markets that depend upon controlling contamination, including food retail and foodservice, medical device disinfection, and wound care. Hypochlorous acid is proven to be safe, environmentally friendly, and fast acting against a broad range of infectious pathogens, including major public health threats of C.difficile, E.coli, HIV, Human and Animal Influenza (including H1N1 and H5N1), Legionella, MRSA, M.tuberculosis, Norovirus, and Salmonella. PuriCore is headquartered in Malvern, Pennsylvania, with operations in Stafford and Clevedon, UK.
To receive additional information on PuriCore, please visit our website at www.puricore.com, which does not form part of this press release.
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