FreshXtend Technologies Corp.

FreshXtend Technologies Corp.

March 26, 2008 15:43 ET

FreshXtend Announces Financings

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 26, 2008) - FreshXtend Technologies Corp. (TSX VENTURE:FXT) ("FreshXtend" or "the Company") is pleased to announce that, subject to regulatory approval, the Company has arranged a private placement of secured convertible notes for up to US$1,250,000 with interest at a rate of 8% per annum, for a term of five years.

The notes may be converted at any time, at the option of the holder, into common shares of the Company. The conversion rate is one common share for each US$0.08 converted in the first two years, US$0.09 in the third year, US$0.10 in the fourth year and US$0.11 in the fifth and final year.

The Company may repay the principal amount of the convertible notes, together with accrued and unpaid interest, at any time, without penalty, upon not less than 15 days notice to the holders. Interest on the convertible notes shall be payable semi-annually in cash or shares, at the option of the holder. Shares issued to pay interest would be issued at the market price at the time of issuance.

The convertible notes shall be secured by the Company's shares in NatureSeal, Inc. and AgriCoat NatureSeal Limited, the two new companies formed with Mantrose-Haeuser Co., Inc. to carry on the antioxidant business as discussed in the Company's news release dated February 19, 2008.

Gibsbourne Pty Limited, an existing shareholder holding 10% or more of the Company's issued and outstanding shares, will be acquiring US$650,000 in convertible notes under this private placement.

The Company also announces that, subject to regulatory approval, it has arranged a private placement of US$280,000 in common shares at a price of US$0.08 per share to Gibsbourne Pty Limited.

The proceeds from the two private placements will be used to assist the Company's contributions to NatureSeal, Inc. and AgriCoat NatureSeal Limited, and to provide the Company with additional working capital.

FreshXtend Technologies Corp.,

Roy Robinson, Director

FreshXtend Technologies Corp. is a leading provider of life extension technology to the high-growth fresh produce and flower industry. FreshXtend's patented technologies naturally place produce in a state of hibernation while it is being shipped and extend the shelf-life of fresh produce, flowers and juices. FreshXtend is based in Vancouver, British Columbia and has a network of R&D relationships, which include the University of British Columbia.

Trading symbol: FXT (TSX-V)

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.
    Roy Robinson
    (604) 322-0759
    (604) 322-0487 (FAX)