National Quality Care, Inc. to Convert Existing Loans into Convertible Debt.BEVERLY HILLS Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. , Calif. -- National Quality Care, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :NQCI) announced that it has entered into a securities purchase agreement with each of two of its directors, Leonardo Berezovsky, M.D. and Robert M. Snukal, to convert a total of $1,150,000 in existing loans into unsecured convertible promissory notes promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. . These notes are convertible into shares of common stock of the Company at a conversion price of $0.48 per share, which is the five-day average closing price ending on March 24, 2006. The notes bear an interest rate of eight percent and are convertible at any time until their date of maturity, or March 27, 2007. ABOUT THE COMPANY National Quality Care, Inc. is focused principally on the development of a Wearable Artificial Kidney artificial kidney: see kidney, artificial. that can be worn as a belt and operates 24 hours a day, 7 days a week. In addition, the Company is a provider of integrated dialysis services for patients suffering from chronic kidney failure Chronic Kidney Failure Definition Chronic kidney failure occurs when disease or disorder damages the kidneys so that they are no longer capable of adequately removing fluids and wastes from the body or of maintaining the proper level of certain . Some paragraphs of this press release, particularly those describing the Company's strategies, operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. reductions and business plans, contain 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. within the meaning of Section 27A of the Securities Act of 1993, as amended and Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. While the Company is working to achieve those goals, actual results could differ materially from those projected in the forward-looking statements as a result of a number of factors, including difficulties in marketing its products and services, need for capital, competition from other companies and other factors, any of which could have an adverse effect on the business plans of the Company, its reputation in the industry or its expected financial return from operations. Factors such as these could have an adverse effect on the Company's results of operations. In light of significant uncertainties inherent in forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company and its subsidiaries that it will be achieved. |
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