PARAMUS, N.J., May 13, 2011 (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 entered into a comprehensive financing commitment and planned debt reorganization.
The Company has received $1,025,000 in two separate closings on February 3, 2011, and May 5, 2011 and has a firm financing commitment for an additional $1,425,000 that is predicated on the Company converting substantially all of its debt into equity and achieving certain corporate milestones.
This funding commitment is binding and requires both secured and unsecured debt holders to agree to the debt reorganization plan, which will occur after the Company becomes current with its SEC Filings. The Company plans to file its 10K for fiscal year ending December 31, 2010 and 10Q for the first quarter ending March 31, 2011 in the immediate future. Upon filing, the Company will approach all debt holders and present the debt reorganization plan which requires substantially all of the debt to convert into equity.
Mark Mirken, CEO and Chairman of Inergetics, stated, "Our continued financing is based upon the planned debt reorganization and achieving certain corporate milestones. This will finally allow us to clean up our balance sheet and focus on the execution of Inergetics' business plan."
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 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 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 exceed the nutritional requirements of the assisted living community.
To learn more about Inergetics, visit www.inergetics.com, visit the Resurgex product website and online store and www.resurgex.com and the Surgex® product website and online store at www.surgexsports.com.
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.