Bio Solutions: Proposed Offering of Convertible Preferred Stock
Bio Solutions Manufacturing, Inc. announced that it has executed a term sheet with a single accredited investor under which it intends to offer, subject to certain conditions, $5,000,000 of a to be established series C convertible preferred stock, in a private placement in the United States in reliance on Regulation D under the Securities Act of 1933, as amended (the "Act"), and outside the United States in reliance on Regulation S under the Act. The shares of series C convertible preferred stock have not and will not be registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act. The company intends to use the net proceeds from the offering to finance new biodiesel fuel facilities, for working capital, and other general corporate purposes. The transaction is subject to the execution of definitive agreements and standard closing conditions, including any required regulatory and third-party approvals.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities.
Safe Harbor for Forward-Looking Statements
This document contains discussion of items that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include, but are not limited to, lack of operating history and experience in the biodiesel market, history of losses, lack of employees, risks in maintaining intellectual property, fluctuations in biodiesel fuel and energy prices, competition from other alternative energy sources, lack of working capital, debt obligations, disputes with the company's distributor and affiliated parties, litigation, general economic conditions in markets in which the company does business, extensive environmental and workplace regulation by federal and state agencies, other general risks related to its common stock, and other uncertainties and business issues that are detailed in its filings with the Securities and Exchange Commission.
Source: Bio Solutions Manufacturing, Inc.