TSX Venture Exchange: FYT
SASKATOON, SK, Feb. 20 /CNW/ - Fytokem Products Inc. (the Company) today
announces that it has redeemed all of its Series "A" Preferred Shares by
converting them to common shares. This is one of the steps necessary to
complete the private placement announced on October 21, 2008.
The holder of the 250,000 Series "A" Preferred Shares requested the
conversion of its preferred share equity, including all undeclared dividends
and liabilities associated with them into common shares. The transaction
resulted in the issuance of 1,692,620 common shares, increasing the total
common shares outstanding to 19,705,741 and reduced the company's recorded
liabilities related to the preferred shares by a total of just over $450,000.
The preferred shares, originally issued in 2001, contained conversion rights.
"This is an exciting step in a transaction that will provide the funds
necessary to complete the development of a new product currently underway and
help us to move forward with other new product concepts, as well as to grow
our existing product lines", said Art Hesje, President and CEO.
About Fytokem Products Inc.
Fytokem Products Inc. develops and delivers proven natural ingredients to
leading formulators in the personal care, nutraceutical and pharmaceutical
industries. The Company has been issued patents for technology related to two
of its products and has other patent applications pending.
Fytokem has two product lines currently offered in the market. Canadian
Willowherb(TM) is a multi-function plant extract with strong efficacies as an
anti-irritant, and anti-oxidant that also has application as an acne
treatment. Tyrostat(TM) is a multi-efficacy plant extract sold primarily for
its use as a tyrosinase inhibitor which provides skin-lightening efficacy.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. Statements
contained in this news release, which are not historical facts, are
forward-looking statements that involve risks, uncertainties and other factors
that could cause actual results to differ materially from those expressed or
implied by such forward-looking statements. Fytokem disclaims any intention or
obligation to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise.
For further information:
For further information: Art Hesje, President and CEO, Fytokem Products
Inc., (306) 668-2552 tel, (306) 978-2436 fax, email@example.com,