NEW YORK--(BUSINESS WIRE)--Manhattan Scientifics Inc. (OTCQB:MHTX) announced the retirement of $2.5 million in current debt. The company said it now has a virtually debt-free balance sheet.
The $2.5 million debt was owed by MHTX’s subsidiary Senior Scientific, now Imagion Biosystems. Manhattan Scientifics reported the debt on its balance sheet as it is sole owner of Senior Scientific. As part of the spin-off of Senior Scientifics, Imagion Biosystems was required to retire the debt. With the $2.0M debt repayment, and with the lender's conversion to equity of the remaining $500,000, the $2.5M debt is no longer an obligation of Manhattan Scientifics.
Manny Tsoupanarias, Manhattan Scientifics CEO said, “The elimination of the $2.5 million in debt from our balance sheet is another benefit of last year’s Senior Scientific spin-off. Manhattan Scientifics will now focus on its nano-structured metals business, which has generated $14M in cash and $25M of related assets to date.
"We haven't scratched the surface of the metals industry yet and as we are now free of restrictions of our former industrial partner, we intend to fully exploit our patented nano-metals process to the entire metals industry,” Tsoupanarias said.
About Manhattan Scientifics, Inc.
Manhattan Scientifics Inc. (www.mhtx.com) is located in New Mexico, New York and Montreal. It is focused on technology transfer and commercialization of transformative technologies.
This press release contains forward-looking statements, which are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. Management at Manhattan Scientifics believes that purchase of its shares should be considered to be at the high end of the risk spectrum. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements.