Wednesday November 7, 2:42 pm Eastern Time
Press Release
SOURCE: Pacific Sands, Inc.
Pacific Sands Puts Indefinite Hold On Convertible Debenture Fundraising/No Outstanding Debenture Obligations
CLOVIS, Calif.--(BUSINESS WIRE)--Nov. 7, 2001--Pacific Sands (OTCBB:PFSD - news) announced today that it has effectively closed its convertible debenture fundraising activities.
In August of 2000, Pacific Sands began raising money under a convertible debenture program. The program allowed the option of full repayment plus 8% per annum, or the right to convert such debt at a rate of 75% of the bid price the day prior to the date of election of conversion. All debenture holders under the program elected to convert their debenture into shares of the company immediately.
The last monies raised to date under the program were received and converted by the company in August 2001. Under the terms of the debenture, the company has the ability to raise an additional $20,000. The company choses to reserve its right to raise this remaining amount indefinitely for possible large order fulfillment or operating expenses.
As of today, Pacific Sands, Inc. has a total of 18,250,990 shares outstanding according to its transfer agent, Corporate Stock Transfer. There are currently no outstanding debenture obligations.
While the company has raised in excess of $200,000 under the debenture program, due to the return of shares by company president Stanley Paulus and others, it is in the rare position among Over The Counter Bulletin Board companies of carrying a total number of outstanding shares lower than that of a year ago.
At this time, the Company has no material commitments for any significant capital expenditures. It is currently discussing non-equity financing arrangements with several sources for large order fulfillment.
Safe Harbor Act Disclaimer
The statements contained in this release and statements that the company may make orally in connection with this release that are not historical facts but are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected in the forward-looking statements, since these forward-looking statements involve risks and uncertainties that could significantly and adversely impact the company's business. Therefore, actual outcomes and results may differ materially from those made in forward-looking statements.
--------------------------------------------------------------------------------
Contact:
Pacific Sands, Inc., Clovis
Mick Wynhoff, 262/634-5774 (Investor Relations)
mick.wynhoff@pacificsandsinc.com
pacificsandsinc.com
biz.yahoo.com |
