NuVim(R) Announces Recapitalization: Over $2.6 Million of Notes, Loans, Interest, and Other Payables Converted Into 56,000,000 S
23 June 2010 - 10:49PM
Marketwired
NuVim, Inc. (PINKSHEETS: NUVM), a leading provider of nutritional
refrigerated and shelf stable ready-to-drink beverages as well as
powder mixes, announced today that it has significantly
restructured its balance sheet as a result of agreements with its
note holders, employees, contractors and a supplier.
- Notes, including all the Senior Secured Notes, two-thirds of
the remaining principal of the Convertible Notes, and the only
other note, together representing principal and interest
aggregating almost $1,125,000 have been converted into about 38
million shares of common stock and settled one for less than
$35,000.
- Open obligations to service providers, including employees,
aggregating over $1,250,000, have been discharged by conversion
into approximately 15 million shares of common stock and by the
payment of approximately $50,000.
- Loans from directors, aggregating almost $215,000, including
interest, have been discharged by conversion into approximately 3
million shares of common stock and the payment of approximately
$35,000 over seven months without additional interest.
These agreements result in the elimination of over $2.6 million
of long-term and current liabilities.
Rick Kundrat, NuVim®'s CEO, says, "This Balance Sheet cleanup
and the resulting reduction in interest expense have increased
NuVim's attractiveness to equity investors. Securing stable,
long-term financing will allow our senior executive team to better
grow NuVim®'s healthy beverage business.
"In addition, we are pleased with NuVim®'s new web-site. It
provides a more comprehensive explanation of what NuVim® is all
about when potential customers visit our attractive and informative
site, as well as generating more powder mix consumer sales."
About NuVim: NuVim® is a one of a kind
beverage. NuVim® contains lactose free whey protein, a prebiotic
fiber based on extensive research and development that spanned over
30 years, and essential minerals and vitamins. NuVim® helps
maintain a strong immune system, increase vitamin and mineral
absorption, especially calcium for bone and muscle health, and
improves digestion. With only 45 calories per 8 ounce serving and
its nutritional values, NuVim® could be considered the "Best Thing
You Can Drink." After drinking NuVim® for 30 days, NuVim®
guarantees you will "Feel the Difference." NuVim® has no high
fructose corn syrup, no lactose, no cholesterol, no fat, no
artificial flavors or colors, and no caffeine. The powder mixes in
Chocolate, Vanilla, and Strawberry flavors can only be purchased on
line.
To learn more about NuVim® visit www.nuvim.com or call toll free
877-850-8777.
This release may be determined to contain forward-looking
statements within the meaning of section 27A of the Securities Act
of 1933, as amended and Section 21E of the Securities Exchange Act
of 1934, as amended. These statements are subject to risks and
uncertainties that could cause actual results to vary materially
from those contemplated in the forward-looking statements. NuVim®
may experience significant fluctuations in future operations due to
a number of economic, competitive and other factors, including
among other things, its ability to finance operations and inventory
on terms acceptable to us, new and increased competition, and
changes in market demand or customer preferences. These factors and
others could cause operating results to vary significantly from
those in prior periods and those contemplated in forward-looking
statements. Additional information with respect to these and other
factors which could materially affect the Company and its
operations and included in the NuVim's filings with the Securities
and Exchange Commission and other public postings.
Contact: NuVim www.nuvim.com 877-850-8777
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