TheraBiogen, Inc. Announces Financing Agreement With ECAP Capital to Fund Record Shipments
October 17, 2011 12:00 ET
TheraBiogen, Inc. Announces Financing Agreement With ECAP Capital to Fund Record Shipments
NEW YORK, NY--(Marketwire - Oct 17, 2011) - TheraBiogen, Inc. (
Mr. Kelly Hickel, CEO of TheraBiogen, commented, "We have been very pleased in our relationship with ECAP since December of last year and have found them enthusiastic about our business and product lines. This financing enables the Thera Max™ brand to achieve nationwide distribution."
With this financing, TheraBiogen will receive an extension of its purchase order and inventory financing facility with ECAP, increasing the amount to $1 million. In addition to the $1 million facility, ECAP will provide an additional $250,000 for working capital.
"We are very supportive of the business TheraBiogen has begun building and we believe the homeopathic medical business is a huge growth opportunity. We are pleased to provide a purchase order and inventory financing facility for this national rollout of Thera Max™ Cold & Flu and we also look forward to assisting the Company with other funds dedicated to working capital," said Peter Speziale, Co-CEO of ECAP Capital.
TheraBiogen additionally announced an amendment to its financing agreements with LeadDog Capital LP and its affiliate. LeadDog has provided TheraBiogen funding for its operations from the Company's inception. The amendment retroactively extends the due dates of the Debentures that mature within one year or have matured, to October 6, 2012 and limits the conversion floor price of all debentures to no less than $0.10 during the extension. The $817,513 of debt and accrued interest covered by the amendment are the entire outstanding debt owed by TheraBiogen to LeadDog.
Thera Max™ is available for purchase in over twelve thousand locations from Rite-Aid, Food Lion, Hannaford Supermarkets, Discount Drug Marts, Big Y Supermarkets and others. For more information on Thera Max™ visit our website [ www.theramaxrelief.com ] or our Facebook page at [ facebook.com/theramaxnasalspray ].
About ECAP Capital, LLC
ECAP is a privately held financial services company with multiple business lines. It provides varied financial services such as post settlement funding for law firms, purchase order financing, inventory financing, account receivable financing and financing for exports. In addition to Therabiogen, some of its representative clients are Packit, LLC ([ www.packit.com ]), Sultra Corp. ([ www.sultra.com ]), Discount Laptop Shop ([ www.discountlaptopshop.com ]) and Progressive Products LLC ([ www.wipesplus.com ]). For further information, please contact Charles Brofman, Co-CEO of ECAP Capital, at [ charlesbrofman@yahoo.com ].
About TheraBiogen, Inc.
TheraBiogen, Inc. is a manufacturer and distributor of homeopathic nasal sprays for aiding in the relief of allergies, cold and flu symptoms and migraine headaches. The products are made from natural, homeopathic ingredients and contain no zinc, which has been identified as potentially causing nasal problems in other similar products on the market. For further information please visit [ www.theramaxrelief.com ].
Safe Harbor Statement
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21 E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that these forward-looking statements involve uncertainties and risk that could cause actual performance and results of operations to differ materially from those anticipated. These risks are set forth in the Company's most recently filed form 10-K and Form 10-Q reports. TheraBiogen, Inc. assumes no obligation to update the statements contained in this release except as required by applicable securities laws disclosure rules.