SEATTLE--(BUSINESS WIRE)--Visualant, Inc. (OTCQB:VSUL) – a provider of chromatic-based identification, authentication and diagnostic solutions, with its ChromaID™ technology, announced that it has retired all previously existing variable priced debt.
The Company’s recently announced a fixed priced equity funding in the aggregate of $1,750,000 allowed it to pay in full all outstanding variable priced convertible notes owing to third-party investors. The details of the recent financing and the repayment of the variable priced debt are set forth in the Company’s Form S-1 (https://www.sec.gov/Archives/edgar/data/1074828/000165495416001959/0001654954-16-001959-index.htm) recently filed with the Securities and Exchange Commission and effective on September 9, 2016.
“The recent equity funding significantly improved our capital structure by eliminating all previously issued variable priced debt securities,” said Visualant CEO, President and Founder Ron Erickson. “Pursuant to the recent fixed price funding we are prohibited from issuing securities with variable price convertible features.”
About Visualant, Inc.
Visualant™ is a public company whose shares trade under the stock symbol “VSUL.” The Visualant Spectral Pattern Matching™ (SPM) technology directs structured light onto a substance or material, through a liquid or gas, or off a surface, to capture a unique ChromaID™. A ChromaID can be used to identify, detect, or diagnosis markers invisible to the human eye. ChromaID scanner modules can be integrated into a variety of mobile or fixed-mount form factors. The patented, award-winning technology is disruptive, making it possible to effectively conduct analyses in the field that could only previously be performed by large and expensive lab-based tests. For more information on Visualant, visit the company’s website at www.visualant.net.
Safe Harbor Statement
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements (within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934) regarding us and our business, financial condition, results of operations and prospects. Forward-looking statements in this press release reflect the good faith judgment of our management and are based on facts and factors currently known to us. Forward-looking statements are subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements as a result of either the matters set forth or incorporated in this press release generally or certain economic and business factors, some of which may be unknown to and/or beyond the control of Visualant, Inc. Specifically, we are exposed to various risks related to our need for additional financing to support our technology development, the sale of a significant number of our shares of common stock could depress the price of our common stock, acquiring or investing in new businesses and ongoing operations, we may incur losses in the future and the market price of our common stock may be volatile. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We do not undertake, and we expressly disclaim, any obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of the press release.