PARAMUS, N.J., Sept. 7, 2011 (GLOBE NEWSWIRE) -- Inergetics, Inc. (Pink Sheets:NRTI), a leader in targeted product development for the Clinical Nutrition and Sports Supplement Markets, today announced that it has completed its plan to convert its secured and unsecured creditors to an equity position in the Company.
90.52% of the secured creditors and 84.95% of the unsecured creditors as defined in the Summary of Debt Reorganization and Financing, have exchanged their respective debt positions for equity in Inergetics.
Mark Mirken, CEO and Chairman of Inergetics, stated "Starting over 3 ½ years ago we have relentlessly pushed forward to right-size our capital structure created by oppressive legacy debt and convert that debt, both the secured and unsecured, into equity. This event has been completed on the heels of our 1-80 stock reverse.
Mirken continued, "Needless to say, our challenging capital structure has made it nearly impossible to create revenue-generating business relationships. Although extremely impressed with our product lines and their proprietary and clinical credentials, potential customers were extremely concerned about entering into a long-term business transactions with a company whose balance sheet was extremely leveraged. Moreover, this challenge extended to the area of capital raising as we also tried to raise capital in the midst of the country's worst financial crisis."
Mirken further stated, "We would like to thank all of our creditors for understanding and accepting our plan. We further would like to especially thank Seahorse Enterprises, L.L.C. for committing to invest up to $2,000,000 in funding as our lifeline and to enable us to commence a complete product line development in bars, ready-to-drink and our new Surgex Active product line all of which are critical to provide a full high calorie and low calorie line of incredible credentialized products tested in the labs and now proven in the theater of war."
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.