Thanks for spotting that Richard, here is the news.
Linda
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ESSENTIAL RESOURCES Announces Closing of Private Placement Financing
PR Newswire, Thursday, January 30, 1997 at 13:38
ENGLEWOOD CLIFFS, N.J., Jan. 30 /PRNewswire/ -- ESSENTIAL RESOURCES, INC.
(Nasdaq: ESRS), announced today that it has successfully completed a private
placement of its securities in which it received $1,750, 000. Under the terms
of its agreement, the Company sold convertible debentures totaling
$1,750,000 which are due in January 2000. The purchaser also received certain
registration rights with respect to the shares issuable upon any conversion of
the debentures.
Phillip Cook, Chairman stated that "we are very pleased with the
completion of our financing, which places us in a strong position to proceed
with a number of acquisitions which the Company has been considering and for
working capital. The financing also provides the Company with the opportunity
to expand its current international sales base."
The Company, through its subsidiaries, develops, markets and distributes a
wide variety of health, beauty-aid, vitamin and nutritional supplement
products in Australia, New Zealand, Korea, Japan, Egypt, Qatar, the United
Kingdom and the United States. The Company's products feature Royal Jelly, a
health-enhancing nutritional supplement utilized to relieve stress, treat
digestive ailments, reduce insomnia and fatigue. The Company also recently
began marketing products containing Tea Tree Oil, an extract distilled from
the Melaleuca alternifolia plant with antiseptic, antibacterial and antifungal
properties. Royal Jelly and Tea Tree Oil are used in numerous consumer
products, including household, pharmaceutical, cosmetics and toiletries. The
Company also holds a license to market numerous products under the Lamaze
brandname.
SOURCE ESSENTIAL RESOURCES, INC.
-0- 01/30/97
/CONTACT: Phillip Cook, Chairman of ESSENTIAL RESOURCES, 201-567-9004/ |
