FreshXtend Technologies Corp.

FreshXtend Technologies Corp.

September 08, 2005 14:38 ET

FreshXtend Announces Debt Settlement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 8, 2005) - FreshXtend Technologies Corp. (the "Company") (TSX VENTURE:FXT) announces that it has entered into agreements with three non-arm's length creditors to settle $126,215.61 in debt by way of the issuance of 841,435 common shares at a deemed price of $0.15 per share. All of the common shares to be issued in connection with the debt settlement are subject to a four month hold.

The debt being settled includes the outstanding portion of loans from three non-arm's length lenders which were originally announced by the Company on December 15, 2004. Pursuant to the terms of the loan agreements, the lenders had the option to convert all or a portion of their outstanding loans into common shares of the Company, subject to TSX Venture Exchange approval. One of the three lenders has been fully repaid in cash. As previously announced by the Company on May 11, 2005, another lender requested their loan be converted into common shares and as previously announced by the Company on August 5, 2005, the third lender requested that US$25,000 of their loan be repaid in cash (which has been done) and that the balance of US$30,000 be converted into shares. Other debt being settled includes interest on an outstanding loan and payment of outstanding expenses owed to another non-arm's length creditor.

The debt settlement is subject to acceptance for filing by the TSX Venture Exchange. After giving effect to the debt settlement, the Company will have 33,485,639 common shares issued and outstanding.

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 in order to gain a competitive edge in the marketplace. The Company continues to pursue licensing opportunities through grower/processor channels as a way of maximizing the distribution for its technologies.

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
    (604) 322-0759
    (604) 322-0487 (FAX)