|By Marketwired .||
|July 2, 2014 03:30 PM EDT||
ROCHESTER, NY -- (Marketwired) -- 07/02/14 -- NaturalNano, Inc. (PINKSHEETS: NNAN) (www.naturalnano.com) announced today that it had reached agreement to redeem the outstanding debt held by its largest current debt holder. The indebtedness was satisfied by a cash payment of $300,000. This demonstrates significant progress in its strategy to strengthen its balance sheet.
Jim Wemett, NNAN CEO, commented, "The retiring of this debt and the satisfaction of our largest creditor at the reduced amount is an important step in improving the NNAN Balance Sheet as we reposition the Company to go forward. NaturalNano has improved our Balance Sheet by $3.8 million and has a $16 million carry-over loss which benefits our investors. This balance sheet improvement puts NaturalNano into a better cash position as we move towards profitability."
Bitcoin Bidder, LLC, a subsidiary of NNAN, was unsuccessful in their bid in an auction for Bitcoins that were seized by the FBI.
NaturalNano, Inc. (PINKSHEETS: NNAN) located in Rochester, New York, is engaged in the development and commercialization of material additives based on proprietary nanomaterial technology utilizing Halloysite Nanotubes (HNTs). The Company provides the industry with additives designed to improve the processing characteristics and mechanical properties of engineering thermoplastics, and additives designed to optimize the release of active agents such as vitamins and fragrance in cosmetic products. NaturalNano holds patents relating to the commercial use of HNTs in composite materials as well as specialized techniques used in the refinement and processing of HNTs and intermediaries that it ships to customers worldwide. HNT materials used as a surface treatment have also shown promise in medical research devoted to stem cell collection and in trapping circulating cancer cells. The Company is also exploring surface treatments relating to improved adhesion of protective coatings for polymer components used in numerous commercial applications.
Cautionary Statement Regarding Forward-Looking Statements: Contains forward-looking statements regarding future events and future performance that involve risks and uncertainties that could materially affect actual results. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of NaturalNano's filings with the Securities and Exchange Commission. The most recent annual reports on Form 10-K and quarterly reports on Form 10-Q filed by NaturalNano provide information about these factors, which may be revised or supplemented in future reports filed with the SEC on those forms or on Form 8-K. We caution investors not to place undue reliance on forward-looking statements, and we do not undertake any obligation to update or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other such factors that affect the subject of these statements, except where expressly required by law.