Pressure BioSciences, Inc. Announces Full Payment of Loan Receivable by CEO/Director.WEST BRIDGEWATER, Mass. -- Pressure BioSciences, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : PBIO PBIO Processor Backplane I/O (NASA) PBIO Portable Binary Input Output ) today announced that Richard T. Schumacher, President, 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. , and a Director of the Company, has delivered 249,875 shares of his PBIO common stock in full payment of his loan receivable to the Company, including all outstanding principal ($1,000,000) and interest accrued during Q4 2006 ($25,487). The number of shares was determined based upon a value of $4.104 per share, the volume weighted average trading price of the Company's common stock on the NASDAQ Capital Market Originally called the NASDAQ Small Cap Market, NASDAQ announced a name change to the NASDAQ Capital Market on September 27, 2005. [1] The NASDAQ Capital Market exists for securities of smaller, less-capitalized companies (small caps) that do not qualify for during the 60 trading days ending on December 29, 2006. As a result of this payment, the total number of the Company's issued and outstanding shares of common stock will decrease from 2,315,300 to 2,065,425, a decrease of 10.8%, and Mr. Schumacher will own 229,782 shares of PBIO common stock, or approximately 11.1% of the Company's issued and outstanding shares. About Pressure BioSciences, Inc. Pressure BioSciences, Inc. (PBI PBI protein-bound iodine. PBI abbr. protein-bound iodine PBI, n See iodine, protein-bound. PBI protein-bound iodine. ) is a publicly traded, early-stage company focused on the development of a novel, enabling technology called Pressure Cycling Technology (PCT (Private Communications Technology) A protocol from Microsoft that provides secure transactions over the Web. See security protocol. ). PCT uses cycles of hydrostatic pressure between ambient and ultra-high levels (up to 35,000 psi and greater) to control bio-molecular interactions. PBI currently holds 13 US and 5 foreign patents covering multiple applications of PCT in the life sciences field, including such areas as genomic and proteomic sample preparation, pathogen inactivation, the control of enzymes, immunodiagnostics, and protein purification. Visit us at our website http://www.pressurebiosciences.com |
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