|From: NetworkNewsWire (Rep: 0)||Date: 06/12/2018 17:16|
|Forum: Penny Stocks - Msg #1732 - List PBIO msgs ||Thread #674014912 (Rec: 0) |
|NetworkNewsBreaks – Pressure BioSciences Inc. (PBIO) Announces Conversion of Additional $7.24M of Debt into Equity|
Global life sciences company Pressure BioSciences Inc. (OTCQB: PBIO) this morning announced the conversion of an additional $7.24 million of debt into equity, bringing the total amount of debt that has converted into equity over the past four weeks to $13.6 million. “With today’s announced conversion of an additional $7.24M of debt to equity, total loan debt has been reduced from approximately $16.6M to approximately $3.0M, which is a level we believe the Company can manage,” Joseph L. Damasio, VP of finance and CFO of PBIO, stated in the news release. “We are continuing to discuss the Company’s progress with remaining debt holders, and anticipate that several more may follow the lead of the approximate 40+ investors who converted their debt into equity over the past 30 days. We believe such further conversions could reduce the amount of loan debt on our Balance Sheet by an additional 10-15%.”
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