TAMPA, Fla., Sep 27, 2007 (BUSINESS WIRE) -- Nanobac Pharmaceuticals Inc. (NNBP) ("Nanobac" or "the Company") is pleased to announce that its Board of Directors has approved an interim financing package that will allow the Company to meet its scientific and business initiatives through the end of the year. This financing is a debt instrument which is being secured by management and should have minimal to no dilution to shareholders.
The Company's Board of Directors also approved a stock buy back program which will allow for the Company and Management to buy back up to 20% of the outstanding float. This action was taken as a step to show management belief that the Company is significantly undervalued and the Board of Director's commitment to the Company's future success. This buy back will take place over the course of the next year.
"The significant advancements in our research and development program as well as our sales and marketing initiatives, makes these strategic moves the next logical step in the company's progression," commented Alex H. Edwards III, Director Nanobac Pharmaceuticals. "We are now actively interviewing investment banking firms to start the process of a significant funding event in late 2007 early 2008," Edwards concluded.
Nanobac Pharmaceuticals Inc. is headquartered in Tampa, Florida. For more information, visit our website at: http://www.nanobac.com.
-------------------- What can i say??I'm a greedy B*stard Posts: 312 | Registered: Mar 2006
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