Ever hear of George Soros? Why in the world would
a guy like that invest in a otc:bb company?
<<<<<<BOYNTON BEACH, Fla.--(BUSINESS WIRE)--March 6, 2000--Richard C. Ford, CEO of Puradyn Filter Technologies, Inc. (OTC BB: PFTI - news), today announced that the Company has issued a total in excess of 4,150,000 shares of unregistered common stock in a private offering. Net proceeds to the Company after commissions and expenses amounted to over $4,000,000.
Prior to completing the above offering, the Company issued 2,500,000 shares to Quantum Industrial Partner L. D. C. (QIP), a funding group led by George Soros, in exchange for conversion of $2,500,000 of notes payable. Accrued and unpaid interest on the notes was waived by QIP and warrants to purchase 500,000 shares of PFTI stock were surrendered. Further, 675,000 shares were issued to Richard C. Ford and Traci M. Ford in satisfaction of bank loans paid by them and in exchange for notes payable that they had previously been issued. Mr. Ford commented, ``In effecting the foregoing, and following the successful completion of our private offering of over 4,150,000 shares, the Company is now debt free and in an excellent financial position. As a result, Puradyn can deploy more of its available resources to penetrating the huge untapped market that exists for its cost-effective, environmentally protective oil filtering and purifying system.'
Puradyn Filter Technologies, Inc. manufactures and markets the Puradyn(TM) On-Board Oil Refiner, a unit that continuously purifies lubricating oil and greatly reduces (or eliminates) the necessity for oil changes. The refiner also extends the useful life of the equipment. The Puradyn system is effective for internal combustion engines, hydraulic applications and automatic transmissions in the automotive, transportation, construction, marine, agriculture, mining, military and power generating industries. In addition to the economies realized by the reduced purchases of new oil and the costs of disposing of used oil (up to 90%) and extended equipment life, the Puradyn(TM) On-Board Oil Refiner has been certified as a ``Pollution Preventing Technology' by the California Environmental Protection Agency.>>>>>>>>>> |
