ANPATH GROUP, INC. REPORTS NEW FINANCING TRANSACTION
For Release: Immediate MOORESVILLE, NC (January 14, 2008) Anpath Group Inc. (OTCBB: ANPG), announced today the completion of a corporate financing transaction in which the Company arranged for a line of credit for up to $2 million with ANPG Lending, LLC. Immediately upon the closing of the financing transaction, the Company drew down $1.5 million on the line of credit. In connection with the initial draw down of funds, the Company issued three convertible promissory notes in the aggregate amount $1.5 million to the lender. The notes bear interest at the rate of 7% per year and have a 16 month term.
As a condition to obtaining the line of credit, the Company agreed to repurchase 250,000 shares of its common stock and 750,000 common stock purchase warrants. The Company used $625,000 of the initial draw down on its line of credit to fund the repurchase. In addition, the Company also issued ANPG Lending, LLC warrants to purchase up to 1.5 million shares of the Company’s common stock. Both the notes and the warrants issued to ANPG Lending, LLC have provisions that limit ANPG Lending, LLC’s ability to convert the notes or exercise the warrants if such conversion or exercise would cause its ownership of common stock to exceed 4.9% of our common stock.
After the repurchase and after paying certain costs of the transaction, the Company received net proceeds of approximately $845,000 to be used for general working capital purposes.
According to J. Lloyd Breedlove, the Anpath Group President & CEO, “This line of credit will help us continue our very aggressive development program and in a parallel effort intensify our marketing and sales initiatives for our two new products, EnviroTru® and EquineTru™.” Mr. Breedlove continued, “The terms of this credit line fit nicely into our strategic plan, permitting us to continue our growth strategy during the next 18 months.”
Anpath Lending, LLC was established for the express purpose of assisting the Company to achieve its growth plans. The principals of the LLC expressed their support of Anpath, stating that while most small cap companies represent a certain amount of risk, it is their belief that the technology employed by Anpath and its wholly owned subsidiary, EnviroSystems, Inc. uniquely matches the trends in the infection prevention market. They further expressed strong support for the management team assembled by Mr. Breedlove.
Anpath Group, Incorporated:
Anpath Group, Inc., through its wholly-owned subsidiary EnviroSystems, Inc., produces cleaning and disinfecting products that it believes will help prevent the spread of infectious microorganisms while minimizing the harmful effects to people, equipment or the environment.
EnviroSystems, Inc. is focused on infection prevention technologies that the Company believes will position the Company in the forefront of the industry at a time when there is rapidly growing awareness of the critical need to prevent biological risks — both natural and man-made.
Forward Looking Statements:
This release contains forward-looking statements, which reflect expectation or belief by Anpath Group concerning future events that involve risks and uncertainties. Anpath Group can give no assurance that the expectations reflected in forward looking statements will prove correct and various factors could cause results to differ materially from Anpath Group expectations, including, but not limited to EPA registration of the Company’s products, the Company’s ability to carry out its business plan, successful development and commercial acceptance of its products, ability to fund development of its technology, the risk that products may not result from development activities, protection of its intellectual property, need for regulatory approvals, and other factors discussed in periodic Anpath Group filings with the Securities and Exchange Commission. Forward-looking statements are qualified in their entirety by the above cautionary statement. Anpath Group assumes no duty to update its outlook or other forward-looking statements as of any future date.
Contact Information:
J. Lloyd Breedlove
President & CEO
Anpath Group, Inc.
Phone: 704.658.3350
Email: jlbreedlove@envirosi.com
Website: www.anpathgroup.com
|