| USA. Puradyn announces private placement offering commitments totalling $1.22 million |
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| Thursday, 12 October 2006 | |
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Company news: Puradyn Filter Technologies Incorporated (OTCBB:PFTI) has announced that between September 27 and October 9, 2006, it has received $650,000 for the sale of 928,571 shares of its common stock at $0.70 per share. The Company has also received commitments for an additional $570,000 to complete the sale of 1,742,857 shares of its common stock at $0.70 per share for an aggregate of $1.22 million in proceeds. Additionally, in connection with the issuance of the sale of the common stock, the Company will issue warrants to purchase a total of 435,714 shares of common stock with the completion of the offering, assuming that all shares are purchased, exercisable at a price of $1.25 per share over a term of five years. The average closing price of the Company’s stock for the ten trading days prior to September 27th was $1.00. Net proceeds from the offering will be used for marketing purposes, expansion of the sales force and general working capital. Joseph V. Vittoria, Chairman, said, “It’s vital that we continue to commit funds to targeted developments in growing our business. The support we have again received from our investors brings us closer to accomplishing goals set forth in our business plan.” |
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| Last Updated ( Thursday, 12 October 2006 ) |
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