Contact Information: Contact: Tad Gage Executive Vice President Capital Insight Partners 312-466-7646
Pacific Sands, Inc. Restructures / Retires Significant Short Term Debt
Company Favorably Renegotiates Natural Choices, LLC Purchase Agreement
| Quelle: Pacific Sands, Inc.
RACINE, WI--(Marketwire - April 27, 2009) - Pacific Sands, Inc. (OTCBB : PFSD ) announced
today that the company has made significant strides in improving its
balance sheet and retiring and / or renegotiating a substantial portion of
the Company's 'current liabilities.'
The Company has renegotiated the payout schedule relating to its purchase
of assets from Natural Choices, LLC. The remaining balance of approximately
$650,000 has been restructured as a three-year obligation, bearing interest
at 4% per annum, and payable in monthly installments of interest only.
Cash and stock principal payments initially due in 2009 through 2011 have
been deferred until 2012.
Pacific Sands' CEO, Michael Wynhoff and CFO, Michael Michie have agreed to
accept payment of approximately $300,000 in outstanding back salary
accumulated since 2004 pursuant to notes bearing interest at 4% per annum
and payable in monthly installments of interest only, and maturing on March
31, 2012.
Additionally, the Company has negotiated nearly $60,000 in debt relief from
vendors.
Management believes that these actions will significantly improve the
Company's financial condition, cash flow and liquidity.
About Pacific Sands / Natural Choices:
Pacific Sands, Inc. is an environmental products company that develops,
markets, manufactures and sells earth, health and kid-friendly products for
cleaning and pool & spa water maintenance applications.
The Company achieves the bulk of its sales and revenues through three
primary routes to market:
-- Branded Products: Pacific Sands has three house brands that are sold
through retail distribution in the U.S., Canada and Europe: ecoone® pool
and spa water management products, e-2 elemental earth® and Natural
Choices™ household cleaning products.
-- Contract Manufacturing and Private Label: Pacific Sands has a portfolio
of more than 100 of consumer cleaning, laundry and pool and spa water
management products available for private label.
-- Direct & Internet Retail: The Company uses direct retail primarily as a
tool to test marketing messages, educate consumers and provide ready access
to information about company's products. www.EcoGeeks.com.
Since June of 2004, Pacific Sands has achieved 18 consecutive quarters of
sustained same-quarter sales growth.
Safe Harbor Act Disclaimer
The statements contained in this release and statements that the company
may make orally in connection with this release that are not historical
facts are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Actual results may differ
materially from those projected in the forward-looking statements, since
these forward-looking statements involve risks and uncertainties that could
significantly and adversely impact the company's business. Therefore,
actual outcomes and results may differ materially from those made in
forward-looking statements.