FreshXtend Technologies Corp.
TSX VENTURE : FXT

FreshXtend Technologies Corp.

January 03, 2007 12:55 ET

FreshXtend Announces Closing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 3, 2007) - FreshXtend Technologies Corp. (the "Company") (TSX VENTURE:FXT) is pleased to announce the closing of a private placement of convertible notes for aggregate total proceeds of CAD$860,177. Each of the Notes are for a varying amount, and bear interest at a rate of 8.5% per annum for a 24-month term. The principal of each Note may be converted at any time, at the option of the holder, into common shares of the Company. The conversion rate of each Note is one common share for each CAD$0.20 converted. In addition, a holder of a Note will receive a half of a Warrant for every CAD$0.20 so converted or at repayment of the Note, such that a maximum total aggregate of 2,150,442 Warrants would be issued. Each such Warrant would allow the holder to purchase an additional common share at a price of CAD$0.20 per share, for a period of up to two years from the issuance of said Warrant. As a placement fee, the Company has also agreed to pay CAD$20,071 and issue 100,354 Warrants to Ludgate Investments Limited of London, England.

FreshXtend is a leading provider of life extension technology to the high growth Fresh Produce and Flower Industry and uses its technological leadership to pursue licensing opportunities. The Company's patented technologies naturally place produce in a state of hibernation while it is being shipped, and extends the shelf life of fresh produce, flowers and juices, thereby enabling economic distribution of premium quality vine-ripened fruit and vegetables. The Company has a network of R&D relationships, which include the University of British Columbia and focuses on building features that will appeal to FreshXtend's customers. The Company continues to pursue licensing opportunities through grower/processor channels as a way of maximizing the distribution for its technologies.

On behalf of the Board of Directors

FreshXtend Technologies Corp.

R.W. Robinson, Director

Manual Listing S & P's Industrial & Int'l, 12g (3)b Exemption: #82-2190

The statements in this news release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934 and are subject to the safe harbour created by these sections. Actual results may differ materially from the Company's expectations. The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.

Contact Information

  • FreshXtend Technologies Corp.
    R.W. Robinson
    Director
    (604) 322-0759
    (604) 322-0487 (FAX)
    or
    FreshXtend Technologies Corp.
    Perry Lidster, Ph.D.
    Director
    (604) 322-0759
    (604) 322-0487 (FAX)
    Website: www.freshxtend.com