BioLargo, Inc. Completes Private Offering.IRVINE, Calif. -- BioLargo, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BLGO) today announced the recent successful completion of a private offering of $1,000,000 of its convertible promissory notes. The notes bear interest at 10% per year, mature on June 30, 2009 and are mandatorily convertible into shares of common stock upon maturity or certain other circumstances, at the option of the company. To the extent that they have not already been expended ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. , the proceeds will be used for research and development, sales and marketing, general and administrative expenses, and working capital. In related news, the company received $608,750 in connection with the exercise of warrants, at $1.25 per share, from other investors before the January 31, 2008 warrant expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. and issued 487,000 shares of its common stock. These proceeds will similarly be used for research and development, sales and marketing, general and administrative expenses, and working capital. "The successful completion of the recent offering and warrant exercises, together with other avenues we are actively exploring, will help us manage our cash flow more effectively and help us address our liquidity requirements for the foreseeable future," commented CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Dennis Calvert. About BioLargo, Inc. BioLargo, Inc. is currently engaged in pre-licensing and product evaluation with strategic partners to leverage a suite of patented and patent-pending intellectual property, the BioLargo technology. The BioLargo technology harnesses and delivers nature's best disinfectant disinfectant, agent that destroys disease-causing microorganisms and their spores. Disinfectants, or germicides, are sometimes considered to be substances applied to inanimate bodies, whereas antiseptics, not so potent, are agents that kill microbes on living things. - iodine iodine (ī`ədīn, –dĭn) [Gr.,=violet], nonmetallic chemical element; symbol I; at. no. 53; at. wt. 126.9045; m.p. 113.5°C;; b.p. 184.35°C;; sp. gr. 4.93 at 20°C;; valence −1, +1, +3, +5, or +7. - in a safe, efficient, environmentally sensitive and cost-effective manner. The BioLargo technology works by combining minerals with water from any source and delivering molecular iodine on demand, in controlled dosages, in order to balance efficacy of disinfectant performance with concerns about toxicity. When the BioLargo technology is incorporated in absorbent absorbent /ab·sor·bent/ (-sor´bent) 1. able to take in, or suck up and incorporate. 2. a tissue structure involved in absorption. 3. a substance that absorbs or promotes absorption. products, they also experience increased holding power and may experience increased absorption. The Company's website is www.biolargo.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement The statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, the company's filings and future filings with the Securities and Exchange Commission, including those set forth in the company's Annual Report on From 10-KSB for the year ended December 31, 2006. |
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