Reflect Scientific, Inc. Retires $3.4 Million Debenture Debt
July 25 2012 - 9:00AM
Marketwired
Reflect Scientific, Inc. (OTCBB: RSCF), a provider of diverse
products and services for the biotechnology, pharmaceutical and
transportation industries announced that on July 9th, the company
finalized settlement with their largest debenture holder.
The settlement reached removes $3,401,125 in debt, consisting of
the principal, penalty and all accrued interest. The settlement
also results in the removal of both the Series A Common Stock
Purchase Warrants and Series B Common Stock Purchase Warrants,
which warrants were for the purchase of 14,583,333 shares of common
stock at the revised Base Share Price.
Mr. Boyce, CEO of Reflect Scientific, commented, "Had the
debenture holder elected to convert the principal of the debenture
and exercise the warrants at the revised Base Share Price as
specified in the agreements along with penalty and interest, it
would have resulted in the issuance of 31,035,016 shares of common
stock. None of these shares were issued."
About Reflect Scientific, Inc. Reflect Scientific, Inc., based
in Orem, Utah, develops and markets innovative, proprietary
technologies in cryogenic cooling for the biotechnology,
pharmaceutical, medical, and transportation markets. Among Reflect
Scientific's products are low temperature freezers and refrigerated
systems for laboratory, transportation and computer server room
uses. For more information, visit www.reflectscientific.com.
Forward-looking statements in this release are made pursuant to
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that such
forward-looking statements involve risks and uncertainties,
including without limitation, continued acceptance of the Company's
products, increased levels of competition for the Company, new
products and technological changes, the Company's dependence on
third-party suppliers, and other risks detailed from time to time
in the Company's periodic reports filed with the Securities and
Exchange Commission.
Contact: Thomas Tait Vice President 719-357-5878
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