|Is Inergetics' future finally starting to look brighter?|
|By Staff and Wire Reports|
|Monday, 16 May 2011 03:54|
According to a spokesman close to the company, who chose not to go on record because he was authorized to speak on the company's behalf, the company had been unable to move forward on several important manufacturing and partnership plans due to certain debts. Now those debts have reportedly been addressed and according to the source: "The dark clouds have begun to clear from the skies above. This is a very exciting development and it should be one of several to come."
In a prepared staement, the company says it has received $1,025,000 in two separate closings on February 3, 2011, and May 5, 2011 and has a firm financing commitment for an additional $1,425,000 that is predicated on the company converting substantially all of its debt into equity and achieving certain corporate milestones.
This funding commitment is binding and requires both secured and unsecured debt holders to agree to the debt reorganization plan, which will occur after the Company becomes current with its SEC Filings. The Company plans to file its 10K for fiscal year ending December 31, 2010 and 10Q for the first quarter ending March 31, 2011 in the immediate future. Upon filing, the Company will approach all debt holders and present the debt reorganization plan which requires substantially all of the debt to convert into equity.
Mark Mirken, CEO and Chairman of Inergetics, stated, "Our continued financing is based upon the planned debt reorganization and achieving certain corporate milestones. This will finally allow us to clean up our balance sheet and focus on the execution of Inergetics' business plan."
Last August we reported that John Bello, the entrepreneur and marketer best known for creating and building the SoBe brand of beverages had taken an interest in acquiring part or all of Inergetics, Inc. (NRTI.OB), the medical and sports nutritional formulations drink company led by Mark Mirken- who helped take Turbo Chef Technologies (NASDAQ:OVEN) from $.26 to over $26 per share.
Mirken and others had been invited to a meeting in Boston where Bello wanted to meet with company officials and members of the hedge fund which helps finance SoBe, but board members at NRTI reportedly passed on even attending the meeting after they had already spent over $25 million getting to the product ready for full production and commercialization. The management at NRTI felt that any serious discussions would yield undervalued results and they decided instead to focus on trying to gain traction for orders and partnerships for their clinically studied performance-enhancing product line and premium nutritional drinks. This was not the first time someone had taken an interest in acquiring the company or their products.
The company's Surgex product was developed in concert with strength and conditioning coaches in the NBA and NFL, and is scientifically validated for its ability to improve strength and performance. Investors have been waiting for the company to announce a significant commercial milestones surrounding the Surgex product for some time. Parhaps these latest developments will finally yield some results for them.
The company has also been looking at opportunities for its Resurgex product, which was launched originally in calorie balanced (Essential) and calorie intense (Essential Plus) formats. Mirken once commented to BioMedReports that his company, “Has at least three engines: one in oncology and immunocompromised, going into trials and one in long term care and assisted living. We recently announced a relationship with a billion dollar pharmaceutical company which is expanding our reach into the long-term care space. Finally, the third product is the sports product.”
In recent months, defense department officials have reportedly taken an interest in the nutritional and post-workout recovery aid components of the company's product line.