World Health Alternatives gets reduction on conversion price of $22 million in debentures

By Sheri Kasprzak

New York, Aug. 24 - World Health Alternatives, Inc., following the completion of a $4 million bridge loan, has received a reduction in the conversion price on $22,037,828 in debentures.

The conversion price was dropped to $1.25 per share from $3.00.

The 18% debentures, due on Aug. 17, 2008, were issued at a discount on May 17, 2005. The principal amount represents 131.58% of the valuation received. The total proceeds realized by World Health for the debentures were $16,748,616.

The investors of the convertible debentures granted the reduction after World Health completed a $4 million bridge loan financing with Palisades Master Fund LP.

The proceeds from the bridge loan will be used for working capital and business operations.

Based in Pittsburgh, World Health Alternatives provides staffing services for the medical industry.

The company's stock gained $0.04 to close at $0.42 Wednesday.

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