Media Sciences nixes notes' convertible feature, repurchases warrants

By Devika Patel

Knoxville, Tenn., March 30 - Media Sciences International Inc. said it has negotiated agreements to amend its 10% convertible notes and repurchase the related series A and series B warrants.

The parties agreed to eliminate the convertible feature of the notes, which will now be non-convertible debt. The warrants were cancelled.

"We believe the modification of the notes and repurchase of the warrants enhances our capital structure by eliminating the significant dilution that could have resulted from the nearly 2.3 million shares of the company's stock that were potentially issuable under the original agreements," Media Sciences' president and chief executive officer, Michael Levin, said in a press release.

"This transaction also provides us greater flexibility to finance the future growth of Media Sciences."

The securities were sold on Sept. 24, 2008 to Microcapital Fund Ltd. and Microcapital Fund LP for 400,000 Media Sciences common shares.

Based in Oakland, N.J., Media Sciences makes printing supplies for color printing businesses.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.