PARAMUS, N.J., June 15, 2010 (GLOBE NEWSWIRE) -- Inergetics, Inc. (OTCBB:NRTI), a leader in targeted product development for the Clinical Nutrition and Sports Supplement Markets, today announced that the Company has recently executed agreements with private investors to fully convert a principle amount of $2,664,828, or 46% of the Company's outstanding senior secured debt, into approximately 133 million shares of common stock at $0.02 per share.
As a result of this transaction, the Company estimates its current liabilities, as of June 30, 2010, will be $5.2 Million. This represents a 72% decrease in current liabilities from June 2009, which was $18.29 Million. Additionally, Inergetics has reduced its total liabilities from $18.3 Million in June 2009 to an estimated $7.1 Million as of June 30, 2010, representing decrease of 61%.
CEO & Chairman of Inergetics, Inc., Mark Mirken, commented, "Approximately one year ago, the Company was on the brink of foreclosure from its senior secured creditor. Our continuing efforts to reduce our debt and raise additional capital are vital to the Company's continued success and new revenue recognition. This recent conversion is the latest part of our ongoing efforts to create a sound capital structure and enhance shareholder value."
Values listed as current liabilities and total liabilities for the quarter ending June 30, 2010 ($5.2 Million and $7.1 Million respectively) are currently estimated, however the Company does not believe that the final values for the quarter ending June 30, 2010 will be materially different.
To learn more about Inergetics, visit www.inergetics.com.
About Inergetics, Inc.
Inergetics, Inc. is a leading developer of nutritional supplements for the Clinical Health and Sports Supplement markets. The Company has established a line of Resurgex products www.resurgex.com consisting of proprietary nutritional formulas that are used by a wide range of clinical patients and consumers. Resurgex™ products provide comprehensive nutritional support for actively treated cancer patients as well as those in post-treatment care and elderly members of the assisted living community. Inergetics has also developed Surgex™ sports nutrition formula www.surgexsports.com to meet the nutritional needs of professional, Olympic, and amateur elite athletes that experience post-workout symptoms such as fatigue, loss of lean muscle, oxidative stress, and reduced immune function.
Resurgex Essential™ and Resurgex Essential Plus™ are comprehensive, calorically dense formulas that meet and excceed the nutritional requirements of the assisted living community.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of1934. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company and SPI set forth herein and those preceded by or that include the words ``believes,'' ``expects,'' ``given,'' ``targets,'' ``intends,'' ``anticipates, "plans,'' ``projects,'' ``forecasts'' or similar expressions, are "forward-looking statements". Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. The Company assumes no obligation to update any of the information contained or referenced in this press release.