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Company: BioCorRx Inc. (OTCQB: BICX)
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Price: 0.113
Change (%): + 0.0104 (10.14)
Volume: 73,450 |
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BioCorRx, Inc. Eliminates Nearly 1,000,000 Dollars of Convertible Debt
Some Debt Strategically Converted to License Agreements
Los Angeles, July 9, 2014 (GLOBE NEWSWIRE) - BioCorRx Inc. (“the Company”) (OTCQB: BICX), a leader in addiction treatment and rehabilitation programs, is pleased to announce a series of transactions that strengthens the company’s balance sheet and offers future, income-producing upside through the elimination of all convertible debt. In addition, these steps remove any potential stock dilution that may have resulted from a debt to equity conversion of those convertible debentures. The total overall debt and interest, mostly convertible, that has been eliminated in recent transactions is nearly $750,000. In the first stage of debt reduction initiatives, the company’s debt holders agreed to exchange just over $600,000 in overall debt for upfront license fees towards territories that will give them the exclusive rights to distribute the company’s Start Fresh Program which is used to treat alcohol and opioid addiction. These additional territories could generate future income for the company, thereby turning a liability into an asset. Separately, the company paid off debt to another investor in the amount of roughly $135,000 using company funds. Finally, the company successfully converted its remaining $543,000 of convertible debentures which included interest into a simple interest-bearing note payable.
“We are very pleased with the support of our debt holders, who agreed to convert their outstanding debt into license agreements or simple interest bearing notes” said Lourdes Felix, CFO of BioCorRx, Inc. “It’s a testament to their belief in the future of our company and the effectiveness of our Start Fresh Program in treating addiction. Eliminating nearly $1 million dollars in convertible debt is a monumental and strategic achievement for the company as it vastly improves the capital structure of BioCorRx as the potential dilutive effect of the debt is removed. We have turned our debt into potential income producing assets that will enhance our goal of making our program available to everyone in the U.S. soon.”
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