Fonix Restructures Balance Sheet
SALT LAKE CITY, UT — (Marketwire) — 10/02/08 — Fonix Corporation (OTCBB: FNIX) announces it has reached agreement with holders of approximately $13 million of debt to exchange that debt for convertible preferred stock. Fonix will issue 1,300 shares of Series P Convertible Preferred shares in exchange for the entire principle and interest accrued on this debt obligation.
“A key component to positioning Fonix for future growth is restructuring the balance sheet,” said Roger D. Dudley, Fonix President and CEO. “Today’s exchange removes significant debt from the Company’s balance sheet. We accept this exchange as a vote of confidence from our debt holders to the business plan to expand Fonix revenue through the anticipated G-Soft acquisition and distribution of our speech applications on mobile units like the Apple iPhone(TM).”
Sign up for the FREE 1000 Penny Stocks newsletter today, and get little-known investment strategies FREE! Sign up Here - Your email address 100% safe & secure.