DEERFIELD BEACH, Fla. and NAPOLEONVILLE, La., Oct. 1, 2007 (PRIME NEWSWIRE) -- Red Reef Laboratories International, Inc. (Pink Sheets:RRLB), a scientific research, development, and marketing group focused on commercializing a variety of chemical and biological products, announced today the company has authorized Jackson and Jackson LLC, the Baton Rouge law firm, to settle outstanding bank debt and to eliminate all existing liens against its Napoleonville real estate holding.
In November 2006, Red Reef acquired an 80 plus acre parcel of land, warehouses and equipment from Altfuels Corp. and L 10-11 Corp, the site formerly known as Supreme Sugar Refinery. Included in the acquisition is the formula for nitrogen-enriched bagasse, a sugar cane-based oil spill absorbent product, which is bio-degradable, requiring no recovery in the application. The equipment purchased is used in the manufacturing process.
The terms of the acquisition included assumption of all debt and liens on the property and equipment. The equity investor holds a Note backed by a mortgage on the land, which will subordinate to development/construction financing. Red Reef has announced its intention to develop the site as a Medical Research Center and has retained the Baltimore-based architect and Design firm of WBCM, (Whitney, Bailey, Cox and Magnani), to design and spearhead the project.
According to Red Reef management, "Red Reef originally became publicly traded with the expectation to seek public equity financing to develop its business plan. However, like many emerging growth companies, RRLB has attracted illegal short selling, making it difficult or impossible to follow customary financing routes, and instead has had to rely on creative management and private debt and equity sources. We sincerely thank our private investors for the confidence they have shown in the Strategy for Success and our ability to build value for our shareholders."
About Red Reef Laboratories International, Inc.:
Red Reef Laboratories International, Inc. is a scientific research, development, and marketing group established to assemble, develop, commercialize and bring to market a variety of chemical and biological products, utilizing advanced surfactant technology and increasingly "green" compounds. These series of products are specifically designed for biocidal and virucidal applications. For more information, please visit the Company's web site at www.redreef.biz
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: With the exception of historical information, the statements set forth above include forward-looking statements that involve risk and uncertainties. The Company wishes to caution readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include, but are not limited to, the risk factors noted in the Company's filings with the United States Securities and Exchange Commission, such as the rapidly changing nature of technology, evolving industry standards and frequent introductions of new products, services and enhancements by competitors; the competitive nature of the markets for the Company's products and services; the Company's ability to gain market acceptance for its products and services; the Company's ability to fund its operational growth; the Company's ability to attract and retain skilled personnel; the Company's ability to diversify its revenue streams and customer concentrations; and the Company's reliance on third-party suppliers.