Eye Dynamics, Inc. Restructures Debt to Long-Term Status.Business Editors TORRANCE, Calif.--(BUSINESS WIRE)--May 16, 2002 Eye Dynamics (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :EYDY), developer of the SafetyScope product designed for the "fitness-for-duty" screening of workers, announced today that the company's debt of $661,385, currently due, has been restructured and replaced by a combination of a $400,000 7% fixed rate note and a subordinated convertible note to be paid off over the five years following January 2003. A payment of $60,000 plus issuance of 2.5 million of restricted common stock was made to the debt holder as part of the restructuring. The debt holder also agreed to forgive the accrued and unpaid interest against the old note plus giving up all rights to payment for returned inventory. These new terms See suggestions for new terms. will allow the company time to seek funds necessary to commercialize the SafetyScope product. About Eye Dynamics, Inc. Eye Dynamics is in the business of producing and marketing patented proprietary products and other services for the institutional, medical and government markets. SafetyScope, the company's latest product, is designed for the "fitness-for-duty" screening of workers. SafetyScope is simple to use, takes only 90 seconds and does not require any bodily fluids Noun 1. bodily fluid - the liquid parts of the body body fluid, liquid body substance, humour, humor body substance - the substance of the body aqueous humor, aqueous humour - the limpid fluid within the eyeball between the cornea and the lens like urine-based drug testing. It is based on the manual methods of evaluating eye responses of an individual to detect neurological neurological, neurologic pertaining to or emanating from the nervous system or from neurology. neurological assessment evaluation of the health status of a patient with a nervous system disorder or dysfunction. signs of impairment used by law enforcement throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . These signs can be caused not only by illegal drugs, but also reactions to prescribed or over-the-counter medications and/or physiological states like fatigue. To find out more about Eye Dynamics, Inc. (OTCBB:EYDY), visit our Web site at www.eyedynamics.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. for 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. This news release includes forward-looking statements that are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The company's operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ are set forth in the company's periodic filings with the U.S. Securities and Exchange Commission. |
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