Contact Information: CONTACT: OurPet's Company Dr. Steven Tsengas, CEO (440) 354-6500 (Ext. 111) INVESTOR RELATIONS: Robert A. Lentz and Associates, Inc. Robert Lentz (614) 876-2000
OurPet's Completes Preferred Stock Private Placement Offering
| Source: OurPet's Company
FAIRPORT HARBOR, OH--(Marketwire - January 28, 2010) - OurPet's Company (OTCBB : OPCO )
(www.ourpets.com), a leading proprietary pet supply company today announced
the closing of an $819,000 private placement of non-voting preferred stock.
The company issued approximately 117,000 shares of Preferred Stock at $7.00
per share that will pay a 6% annual cash dividend. Each share of Preferred
Stock is convertible at any time into 10 shares of Common Stock.
Dr. Steve Tsengas, Chairman and CEO, commented, "We are pleased to have
successfully completed the private placement and are extremely excited that
investors have shown confidence in our business plan as well as the
execution of our long-term growth strategy. These proceeds will be used to
fund product development, product launch and general working capital. The
previously announced bank financing and this Preferred Stock private
placement further strengthen our balance sheet and also increase our
financial flexibility to achieve future growth."
Dr. Tsengas added, "As previously communicated, OurPet's has undertaken a
very aggressive product development program and plans to introduce over 100
new products (SKUs) at the Global Pet Exposition in March 2010. In
addition, a new brand of patent pending, trend setting, and higher price
range products is in the final stages of development and is expected to be
launched in the second half of 2010."
The Company plans to announce its fourth quarter and full-year 2009 results
next month.
About OurPet's Company
OurPet's designs, produces and markets a broad line of innovative,
high-quality accessory and consumable pet products in the U.S. and
overseas. Investors and customers may visit www.ourpets.com for more
information about the Company and its products. The Company's Websites
include: www.smartscoop.com, www.ecopurenaturals.com, www.playnsqueak.com,
and www.flappydogtoys.com.
Certain of the matters set forth in this press release are forward-looking
and involve a number of risks and uncertainties. Among the factors that
could cause actual results to differ materially are the following: business
conditions and growth in the industry; general economic conditions;
addition or loss of significant customers; the loss of key personnel;
product development; competition; risks of doing business abroad; foreign
government regulations; fluctuations in foreign rates; rising costs for raw
materials and the unavailability of sources of supply; the timing of orders
booked; and the other risks that are described from time to time in
OurPet's SEC reports.