SOURCE: Eugene Science, Inc.

July 19, 2007 08:30 ET

Eugene Science Agreed on Debt Rescheduling With KIBO Technology Fund

BUCHEON, KOREA--(Marketwire - July 19, 2007) - In lieu of the $2 Million financing which closed in early July, Eugene Science, Inc. (OTCBB: EUSI), a developer and marketer of advanced nutraceutical products, began negotiating with their financial institutes on their current debt and successfully completed a preliminary debt rescheduling with KIBO Technology Fund on July 12.

Out of the total debt of 3.3 million dollars Eugene Science, Inc. had borrowed from KIBO Technology Fund, 1.2 million dollars has been completely written off and the remaining 2.1 million dollars has been rolled over into a long term debt to be repaid in installations over a 10-year period beginning in 2010, commencing after a 3-year grace period.

The innovative conversion made with KIBO Technology Fund for a long-term loan is expected to be largely helpful to the management of Eugene Science, Inc. and will have a favorable impact on the ongoing negotiations of rescheduling the debt payment with other financial institutes.

About Eugene Science

Based in Bucheon, Kyunggi-Do, Korea, Eugene Science is a global biotechnology company tackling ailments such as heart disease, obesity and diabetes through innovation in the nutraceutical field. Its first commercial heart disease product, CZ™, is a patented, nanoscience-based, water-soluble functional food ingredient containing natural plant sterols that help maintain healthy cholesterol levels by inhibiting its absorption. CZ™ is available in capsule form, or as a food or beverage additive. These plant sterols are approved by the U.S. FDA for health claims related to cholesterol lowering efficacy. Please visit www.eugene21.com.

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