SOURCE: Eugene Science, Inc.

July 12, 2007 08:30 ET

Eugene Science Successfully Completes $2 Million Financing

LOS ANGELES, CA--(Marketwire - July 12, 2007) - Eugene Science, Inc. (OTCBB: EUSI), a developer and marketer of advanced nutraceutical products, today announced it has successfully completed a financing through the sale of $2 million in senior secured promissory notes and warrants.

The Company intends to use the proceeds to: complete the build out of its new 22,000-square-foot corporate production and research facility scheduled for opening in October; restructure bank debt; advance its patented AD/ADD production process toward commercialization, and; general corporate purposes.

Eugene Science reports it is receiving significantly increasing interest and orders for CholZero™ from existing and new customers. Completing its new production and research facility will enable the Company to increase production capacity to meet growing customer demand. The facility will be located in Jang-An Industrial Complex, Haw Sung City, Kyonggi-Do, about 40 miles south of Seoul and ten miles from Pyungtaek Port, an important and emerging industrial harbor servicing the capitol city of Seoul.

The financing will be recorded in the third quarter ending September 30. Terms of the notes and accompanying warrants are summarized in an 8-K filing with the SEC, and will also be reported, along with copies of financing documents, under 'subsequent events' in the SEC 10-Q filing for the period ended June 30, 2007.

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

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, from time to time, Eugene Science, or its representatives, have made or may make forward-looking statements, orally or in writing. The words "estimate," "project," "potential," "intended," "expect," "anticipate," "believe" and similar expressions or words are intended to identify forward-looking statements. Such forward-looking statements may be included in, but are not limited to, various filings made by Eugene Science with the United States Securities and Exchange Commission (available at, press releases or oral statements made with the approval of an authorized executive officer of Eugene Science. Actual results could differ materially from those projected or suggested in any forward-looking statements as a result of a wide variety of factors and conditions. Reference is hereby made to Eugene Science's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2006 for information regarding those factors and conditions. Among the important factors that could cause actual results to differ materially from management's projections, estimates and expectations include, but are not limited to: changing economic influences in the nutraceutical industry; dependence on key personnel; actions of third parties; the market for nutraceutical products containing Eugene Science's CZ™ ingredient, and availability of adequate financing. Readers are cautioned not to place undue reliance upon these forward-looking statements that speak only as of the date of this press release. Eugene Science undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

Contact Information

  • Investor Relations:
    Mirador Consulting, Inc.
    Rich Miller
    (561) 989-3600