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NXTH NXT Nutritionals Holdings Inc (CE)

0.000001
0.00 (0.00%)
28 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
NXT Nutritionals Holdings Inc (CE) USOTC:NXTH OTCMarkets Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.000001 0.00 01:00:00

NXT Nutritionals Holdings, Inc. Announces Restructuring of Long-Term Debt

14/12/2011 1:00pm

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NXT Nutritionals (CE) (USOTC:NXTH)
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NXT Nutritionals Holdings, Inc. ("Company") (OTCBB: NXTH), developer and marketer of SUSTA™ Natural Sweetener, the great tasting, all-natural, healthy sweetener, and Healthy Dairy® non-fat yogurt smoothies that are sweetened with SUSTA, announced today that effective on November 4, 2011, the Company restructured its long-term debt in connection with a recent $1,000,0000 capital investment by NXT Investment Partners, LLC ("NXT Partners") previously announced on November 28, 2011.

More than 90% of the holders of notes issued to certain investors in a financing that closed in November 20, 2010 (the "2010 Notes") agreed to amend the terms of the Notes, which resulted in all of the 2010 Notes being amended. The amended terms of the 2010 Notes include, among other things, the extension of the maturity date to November 21, 2015, a waiver of any obligation for the Company to make payments until the new maturity date, reduces the conversion price of the 2010 Notes and the exercise price of the warrants to twenty-five ($0.25) cents per share, a waiver of any further anti-dilution rights, and the subordination of the security interests of the holders of the 2010 Notes to that of the NXT Partners.

In addition, the holders of over 70% of the outstanding amounts due under the convertible debentures entered into by the Company in 2009 (the "2009 Debentures") have signed an agreement amending the terms of their 2009 Debentures. The agreement only amends the 2009 Debentures of those holders who signed the agreement. Among other things, the maturity dates of those 2009 Debentures have been extended to November 21, 2015, the holders waived any future anti-dilution rights and the conversion price of the 2009 Debentures and exercise price of the warrants have been reduced to twenty-five ($0.25) cents per share.

The Company's CEO Mike McCarthy said: "The debt restructuring is a positive development for the Company. We will continue to aggressively pursue the growth of the Company, with our primary focus on delivering our high quality products to the military. The Company's Healthy Dairy® yogurt smoothies are approved on the U.S. Navy's Standard Daily Core Menu and are currently being sold to the Navy and to the United States Military Academy at Annapolis and the United States Air Force Academy."

About NXT Nutritionals Holdings, Inc.

Headquartered in Springfield, MA., NXT Nutritionals Holdings, Inc., through its wholly owned subsidiary NXT Nutritionals, Inc., is a developer and marketer of a proprietary, patent-pending, all-natural, healthy sweetener sold under the brand name SUSTA™ and other food and beverage products. SUSTA™ Natural Sweetener, sold as a stand-alone product and the common ingredient for all of the Company's products, is an all-natural, healthy sweetener that has minimal calories and low glycemic index. NXT Nutritionals has also developed a line of SUSTA™-enhanced non-fat reduced-calorie yogurt smoothies that are marketed as Healthy Dairy® Yogurt Smoothies. For additional information, please visit NXT Nutritionals' corporate website: www.nxtnutritionals.com

Forward-Looking Statements

The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Readers are urged not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release. Additional information on risks and other factors that may affect the business and financial results of NXT Nutritionals Holdings, Inc. can be found in the filings of NXT Nutritionals Holdings, Inc. with the U.S. Securities and Exchange Commission.

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Contact: NXT Nutritionals Holdings, Inc. Michael McCarthy President and CEO 1-800-535-4315 moreinfo@nxtnutritionals.com

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