SinoFresh®Receives Letter of Credit from Magnate Premier Ltd. for $10,000,000 (Ten Million) in Funding
Venice, FL, September 19, 2008 --(PR.com)-- SinoFresh HealthCare, Inc. (OTC BB:SFSH.OB - News) announced today that Magnate Premier Ltd. has issued a Letter of Credit to support debt funding of up to $10.0M. The funding will be in the form of 5-year debenture bonds secured against the letter of Credit. The sale of the debentures will be handled by Magnate Premier Ltd. SinoFresh HealthCare, Inc. will also issue approximately $7.0M in common/convertible preferred stock to Magnate and or its authorities as part of the transaction.
The proposed funding is directly linked to recent pilot in vivo and in vitro studies that demonstrated efficacy. SinoFresh(TM) Nasal and Sinus Care product achieved efficacy in animal models against Methicillin Resistant Staphylococcus aureus, (MRSA), in live noses.
Dr. G. Khano, the Magnate Premier broker who is directly responsible for the details of the transaction, has followed the progress of SinoFresh for more than four years. Dr. Khano stated, "We are pleased to join forces with SinoFresh in the pursuit of preventative measures against (MRSA). We believe it to be a rewarding endeavor that holds great potential in every corner of the world."
MRSA is a growing concern in the health care community. It incubates in the nasal passages and then gets on the skin where it can cause severe, virulent infections. The effect of MRSA can lead to disfigurement and sometimes death. MRSA is also highly antibiotic resistant, making MRSA infections difficult to treat. It is believed that approximately 2 - 3 million persons in the U.S. walk around carrying MRSA in their nasal passages at any time and elimination or severe reduction of nasal MRSA colonies is seen as a potentially important weapon in fighting the spread of MRSA. The antibiotic Mupirocin is currently used to reduce nasal MRSA loads.
Charles Fust, CEO of SinoFresh, expressed cautious optimism by stating, "There are significant details that have to be worked out with regard to use of proceeds, debt restructuring and the development of scientific initiatives we will be targeting. We continue to work to build value in our product portfolio to increase shareholder value."
About SinoFresh HealthCare, Inc.
SinoFresh HealthCare, Inc. is dedicated to research efforts and products designed to eliminate causal agents in the area of upper respiratory health and the potential positive impact upon the reduction of mold, fungus, viral and bacterial pathogens using patented, innovative preventative measures. The company's lead product, SinoFresh(TM) Nasal and Sinus Care is a hygienic cleansing spray that kills germs and removes other nasal-sinus irritants is available nationwide. More information is available at www.sinofresh.com
About Magnate Premier LTD.
Magnate Premier Limited, a New Zealand Offshore Finance Company includes Magnate Premier Private Bank, Magnate Premier Limited - St. Kitts, PT Magnate Premier Indonesia and The Magnate Group (Seychelles). Magnate provides a wide range of services including investment banking, private banking, trust banking, investment trading and corporate finance. More information is available at www.magnatepremier.net .
Contact
Charles Fust
SinoFresh HealthCare, Inc.
787 Commerce Drive, Suite 6
Venice, FL 34292
Telephone: (941) 488-6464
sinofresh@pms-marketing.com
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The proposed funding is directly linked to recent pilot in vivo and in vitro studies that demonstrated efficacy. SinoFresh(TM) Nasal and Sinus Care product achieved efficacy in animal models against Methicillin Resistant Staphylococcus aureus, (MRSA), in live noses.
Dr. G. Khano, the Magnate Premier broker who is directly responsible for the details of the transaction, has followed the progress of SinoFresh for more than four years. Dr. Khano stated, "We are pleased to join forces with SinoFresh in the pursuit of preventative measures against (MRSA). We believe it to be a rewarding endeavor that holds great potential in every corner of the world."
MRSA is a growing concern in the health care community. It incubates in the nasal passages and then gets on the skin where it can cause severe, virulent infections. The effect of MRSA can lead to disfigurement and sometimes death. MRSA is also highly antibiotic resistant, making MRSA infections difficult to treat. It is believed that approximately 2 - 3 million persons in the U.S. walk around carrying MRSA in their nasal passages at any time and elimination or severe reduction of nasal MRSA colonies is seen as a potentially important weapon in fighting the spread of MRSA. The antibiotic Mupirocin is currently used to reduce nasal MRSA loads.
Charles Fust, CEO of SinoFresh, expressed cautious optimism by stating, "There are significant details that have to be worked out with regard to use of proceeds, debt restructuring and the development of scientific initiatives we will be targeting. We continue to work to build value in our product portfolio to increase shareholder value."
About SinoFresh HealthCare, Inc.
SinoFresh HealthCare, Inc. is dedicated to research efforts and products designed to eliminate causal agents in the area of upper respiratory health and the potential positive impact upon the reduction of mold, fungus, viral and bacterial pathogens using patented, innovative preventative measures. The company's lead product, SinoFresh(TM) Nasal and Sinus Care is a hygienic cleansing spray that kills germs and removes other nasal-sinus irritants is available nationwide. More information is available at www.sinofresh.com
About Magnate Premier LTD.
Magnate Premier Limited, a New Zealand Offshore Finance Company includes Magnate Premier Private Bank, Magnate Premier Limited - St. Kitts, PT Magnate Premier Indonesia and The Magnate Group (Seychelles). Magnate provides a wide range of services including investment banking, private banking, trust banking, investment trading and corporate finance. More information is available at www.magnatepremier.net .
Contact
Charles Fust
SinoFresh HealthCare, Inc.
787 Commerce Drive, Suite 6
Venice, FL 34292
Telephone: (941) 488-6464
sinofresh@pms-marketing.com
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Contact
SinoFresh Healthcare, Inc.
Shelly Fabian
407-517-4835
www.sinofresh.com
Shelly Fabian
407-517-4835
www.sinofresh.com
Contact
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