SOURCE: MicroGenix Manufacturing Inc.

May 04, 2010 10:33 ET

MicroGenix Secures $35M Line of Credit for Acquisitions

HOUSTON, TX--(Marketwire - May 4, 2010) -  MicroGenix Manufacturing Inc. (PINKSHEETS: MGXMF) today announced the signing of an agreement with Auctus Private Equity Fund, LLC for a $35 million drawdown line of credit to be used primarily to facilitate the Company's acquisition program.

Auctus has committed to purchase up to $35 million of the Company's Common Stock on an "as-needed" basis for 36 months after a proposed registration statement of the Common Stock is declared effective by the Securities and Exchange Commission. Upon the effectiveness of the line of credit, MicroGenix would be entitled to request up to $150,000 per drawdown, subject to certain conditions and limitations.

The final agreement is subject to the filing of a proposed registration statement for shares of MicroGenix Manufacturing Inc. Common Stock.

Auctus Private Equity Fund, LLC is a private equity fund based in Boston, MA that specializes in providing funding to small, medium and large publicly-traded companies in all industries, as well as to private companies anticipating a near-term public listing.

(The statements which are not historical facts contained in this news release are forward-looking statements that involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties.)