Advanced Refractive gets waiver after Phase 1 buys $4.5 million in convertible debentures

By Sheri Kasprzak

New York, March 31 - Advanced Refractive Technologies, Inc. said Phase 1 Holdings LLC has bought $4,513,600 of its convertible debentures and agreed to waive all delinquent interest and penalties incurred on the debt to date.

The amount of debentures being transferred to Phase 1 represents 70% of the outstanding debentures. Phase 1 is still in negotiations to purchase the remainder of the debt.

Based in San Clemente, Calif., Advanced Refractive Technologies is a medical device company focused on products used in ophthalmic surgery.

On Friday, the company's stock gained $0.008, or 80%, to close at $0.018 (OTCBB: ARFR).

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