BioTime Announces Repayment of Debentures; Eliminates All Long-Term Debt.Business Editors/Health/Medical Writers BIOWIRE2K BERKELEY, Calif.--(BUSINESS WIRE)--Feb. 11, 2004 BioTime, Inc. (AMEX AMEX See: American Stock Exchange :BTX (Balanced Technology EXtended) A motherboard design from Intel introduced in 2004 that supersedes the ATX. Unlike the ATX, the placement of all chip sockets in the BTX is defined in order to provide sufficient air flow over the processor and display adapter. ) announced that it is issuing a total of 1,071,427 units, consisting of 1,071,427 common shares and 535,712 warrants, in exchange for $1,500,000 of its Series 2001-A Debentures, and that it has paid off the remaining $1,850,000 of debentures using a portion of the proceeds from its recently completed subscription rights offer. After repayment of the debentures, BioTime will have no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . BioTime also announced that it has sold all 428,571 units offered to certain persons who acted as Guarantors of the subscription rights offer. BioTime received $600,000 from the sale of those units at $1.40 per unit, the same price at which units were sold in the subscription rights offer. BioTime had previously received $3,584,424 through the sale of 2,560,303 units in the subscription rights offer. The debentures exchanged for units were held by investors who acted as Participating Debenture Holders under the Standby Purchase Agreement in connection with the subscription rights offer. Under the Standby Purchase Agreement, the Participating Debenture Holders agreed to exchange $1,500,000 of debentures for units, at $1.40 per unit, if the rights offer was fully over-subscribed, and if all 428,571 units offered to the Guarantors were sold. BioTime, headquartered in Berkeley, California Berkeley is a city on the east shore of San Francisco Bay in Northern California, in the United States. Its neighbors to the south are the cities of Oakland and Emeryville. To the north is the city of Albany and the unincorporated community of Kensington. develops blood plasma blood plasma n. The yellow or gray-yellow, protein-containing fluid portion of blood in which the blood cells and platelets are normally suspended. volume expanders, blood replacement solutions for hypothermic hy·po·ther·mi·a n. Abnormally low body temperature. [hypo- + Greek therm (low temperature) surgery, organ preservation solutions and technology for use in surgery, emergency trauma treatment, and other applications. Information about BioTime can be found on the web at www.biotimeinc.com. Forward Looking Statements The matters discussed in this press release include forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated. Such risks and uncertainties include but are not limited to changes in economic and market conditions, changes in the price at which the Company's common shares and warrants trade, and the need to meet the American Stock Exchange's continued listing standards. Other risk factors are discussed in BioTime's Annual Report on Form 10-K/A-1 filed with the Securities and Exchange Commission. |
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