Feelgoods International Announces Capital Restructuring For Growth And Expansion
ZURICH-KLOTEN, SWITZERLAND -- Feelgoods International, Inc. (PINKSHEETS: FGNL) announced today that it will be undertaking a capital restructuring to better position the Company for growth and expansion. For all shareholders of record as of today, March 14, 2007, Feelgoods International will be implementing a 100 to 1 reverse stock split and will be trading under the new symbol FLGS.
The Feelgoods International Board of Directors approved this capital restructure as a means to position the Company to be more attractive for possible acquisition candidates, to reduce the market volatility that Feelgoods International shares have experienced, and to better reflect the Company’s earnings.
Feelgoods International, Inc. recently announced that the Company is offering a stock exchange program to its shareholders. Feelgoods International will offer to exchange preferred convertible stock for common shares of stock held by shareholders. Current shareholders must turn in their shares to Holladay Stock Transfer by March 16, 2007 in order to qualify for the exchange of common shares to preferred convertible shares.
Feelgoods International, Inc.
For every one share of Feelgoods International, Inc. that shareholders turn into Holladay Stock Transfer by the deadline, the shareholders will receive one share of preferred convertible stock. The preferred shares can then be converted back to ten shares of common stock at a twenty percent discount to market. Participants in the stock exchange program must be shareholders of record as of February 23, 2007. The preferred convertible stock will be protected from any future stock restructuring by the Company.
About Feelgoods International, Inc.:
Feelgoods International, Inc.: Based in Zurich-Kloten, Switzerland, Feelgoods International, Inc. (www.feelgoodsint.com) offers a unique franchise business opportunity for thousands of European Pharmacies. The franchise system is designed to significantly increase the pharmacy’s revenue by maximizing the revenue potential of a Pharmacy’s existing customer traffic. The Feelgoods model is easily incorporated into a Pharmacy’s existing floor space, producing a self-contained business or “shop within a shop.” Feelgoods’ focus is on products that complement the pharmacy’s conventional inventory by introducing products such as alternative medications, nutriceuticals, lifestyle products and bio cosmetics.
Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
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