BURNABY, British Columbia, May 2, 2006 (PRIMEZONE) -- EYI Industries Inc. ("EYI") (OTCBB:EYII) (www.StopDrinkingPoison.com), a marketer of products that promote well-being and a healthy lifestyle, has entered into a Securities Purchase Agreement with Cornell Capital Partners LP ("Cornell") to purchase convertible debentures in the amount of $4,500,000. EYI also issued Cornell warrants to purchase up to 124,062,678 shares of common stock of EYI. Each warrant has a term of five (5) years and expires on or about April 24, 2011.
Jay Sargeant, President of EYI Industries Inc. stated, "We require capital in order to support our current operations and to execute our growth strategies both domestically and internationally. With Cornell's funding, we believe we now have the necessary cash flow to meet our goals and objectives."
Hamid Fashandi, Senior Vice President of Cornell Capital Partners, LP, stated, "Cornell is extremely pleased to facilitate this current round of financing for EYI Industries and continue its long-standing relationship with management. We pride ourselves in developing strong and beneficial relationships with our clients that are evident through the number of repeat transactions with issuers such as EYI Industries."
This press release is available on the company's official online investor relations site for investor commentary, feedback and questions. Investors are asked to visit the EYI Industries IR Hub located at http://www.agoracom.com/IR/EYI
Alternatively, investors can e-mail AGORA Investor Relations directly at EYII@Agoracom.com.
About EYI (http://www.StopDrinkingPoison.com)
EYI Industries Inc., through our subsidiary Essentially Yours Industries, Inc. (EYI), markets products that promote health and well-being. Recently, EYI launched a consumer product that removes Arsenic and other contaminates to a negligible level from drinking water. The portable water filtration product's name is Code Blue and is exclusively provided to EYI. In addition, EYI sells dietary supplements and personal care products. A large portion of our sales are from CALORAD(R), a liquid protein supplement that has brought weight loss benefits to our customers. More than six million bottles of CALORAD(R) have been sold since EYI was founded in 1995. Our newest product, PROSOTEINE(R), is experiencing similar success to CALORAD(R) and bringing our customers the benefits of a natural Energy drink.
EYI markets its products through an extensive network of Independent Business Associates. Our sales force is staffed by knowledgeable, experienced men and women and supported by our comprehensive training programs.
The EYI Industries Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2202
This press release contains forward-looking statements, particularly as related to, among other things, EYI's product purchase agreements and EYI's business strategy. The words or phrases "would be", "will allow", "intends to", "may result", "are expected to", "will continue", "anticipates", "expects", "estimate", "project", "indicate", "could", "potentially", "should", "believe", "considers" or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause EYI's actual results, performance or achievements, or developments in its industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the enforceability of its product purchase contracts in foreign countries, the performance of EYI's staff, management, financing, competition, EYI's ability to implement or manage its expansion strategy, general economic conditions and other factors that are detailed in EYI's Annual Report on Form 10-KSB and on documents EYI files from time-to-time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. EYI cautions readers not to place undue reliance on such statements. EYI does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement. Actual results may differ materially from the EYI's expectations and estimates.