OAKLAND, N.J., March 30 /PRNewswire-FirstCall/ -- Media Sciences
International, Inc. (Nasdaq: MSII) today entered into agreements
with Microcapital Fund Ltd. and Microcapital Fund L.P. to modify
the 10% Convertible Notes and to repurchase the related Series A
and Series B Warrants the Company sold to these entities on
September 24, 2008, in exchange for
400,000 shares of the Company's common stock.
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Through these agreements, the parties agreed to certain
modifications to the terms and conditions of the 10% Convertible
Notes held by Microcapital Fund Ltd. and Microcapital Fund L.P.,
including the elimination of the convertible feature of the notes,
and to the repurchase and cancellation of all warrants issued and
contingently issuable under the original transactions. Upon
closing of the transaction, the notes issued to the Microcapital
entities will be non-convertible subordinated debt of the
Company.
Media Sciences International's President and CEO Michael Levin commented, "We believe the
modification of the notes and repurchase of the warrants enhances
our capital structure by eliminating the significant dilution that
could have resulted from the nearly 2.3 million shares of the
Company's stock that were potentially issuable under the original
agreements. This transaction also provides us greater
flexibility to finance the future growth of Media Sciences."
About the Company:
Media Sciences International, Inc. is the leading independent
manufacturer of new build solid ink and color toner cartridges for
office color printers. As the premium quality color toner and solid
ink alternative to the printer manufacturer's brand, Media
Sciences' 100% newly manufactured color toner and solid ink
products for use in Dell®, Konica Minolta®, OKI®, Ricoh®, Samsung®,
and Xerox® and many other color printers deliver significant
savings when compared to the printer manufacturers brand.
For more information on the Company, its products, and its
programs, visit www.mediasciences.com, E-mail
info@mediasciences.com, or call 201.677.9311.
Web site: http://www.mediasciences.com
SOURCE Media Sciences International, Inc.