A Medical Device Daily
Current Technology (Vancouver) said that it has reached a verbal agreement in principle with the company’s largest shareholder, Keith Denner, to extend the convertible promissory note, due Jan. 2, 2007 to January 2008. Total principal and interest due under the note is about $1,025,000. It said closing of the agreement is anticipated to occur within a “week or so.”
“We have reached an understanding that is fair to both sides,” said Robert Kramer, CEO of Current Technology. “We are not in a financial position to repay the Note at this time, and acknowledge that Mr. Denner could have placed undue pressure on the company to further his position. He has not done so.
“We wish to thank him for continuing to act in a supportive manner, with the long-term interests of the Company clearly in mind.”
Current Technology is a developer of non- invasive pulsed electro-stimulation technology. The company has developed two separate products emanating from ots TrichoGenesis platform that offer help for those concerned with their hair: ElectroTrichoGenesis (ETG) and CosmeticTrichoGenesis (CTG).
Current Technology holds patents throughout the world and says it has spent more than $15 million in TrichoGenesis platform and systems R&D.