BENTONVILLE, Ark., May 06, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Glucose Health, Inc. (GLUC) ("GLUC" "Company") has raised $460,000 from a group which includes sophisticated beverage industry angel investors. A portion of the $460,000 investment proceeds, received in the Company's bank account last week, was immediately deployed for full and final payment of a $165,365 dilutive "convertible to equity" debt security, which originated from convertible promissory note financings entered into by GLUC, beginning in fiscal year 2013.
CEO Murray Fleming stated, "Sophisticated beverage industry investors are now backing GLUC with hundreds of thousands of dollars of new capital, enabling our Company to eliminate a legacy dilutive convertible debt security, for the great benefit of all existing shareholders. This new investment capital and the Company's consequently improved balance sheet, will attract many new GLUC shareholders going forward, and supports a strengthening stock price."
Based upon a pro-forma estimate using the most recently published GLUC balance sheet (December 31, 2018), total non-related party convertible debt is expected to be reduced by 82%, from $194,611 to $34,876.
CEO Murray Fleming stated, "this remaining $34,876 of non-related party convertible debt is not a significant dilutive risk in the near term, and accordingly I have elected to not retire it, at this time".
In addition to the capital eliminating the legacy dilutive convertible debt security, more than $200,000 of new working capital will be put to work expanding GLUCODOWN® operations. GLUCODOWN® is the premier functional beverage in the diabetic nutritional consumer category and is available in-store at Walmart pharmacies in all 50 States and online at Amazon.
CEO Murray Fleming stated, "We will immediately begin to increase inventory to better serve our existing retailer partners and to ensure we are prepared for increasing distribution of GLUCODOWN® when adding new retailers. This new working capital will enable faster introduction of new GLUCODOWN® products including our instant coffee mix for the diabetic nutritional category."
The $460,000 investment was structured in the form of restricted common stock and cumulative preferred stock. Further information is available in GLUC's Form D filing available at the Securities and Exchange Commission website. Additional details will also be provided in the Company's quarterly reports published at OTCMarkets.com.
About Glucose Health, Inc. (GLUC)
Manufactured by Glucose Health, Inc. (GLUC), GLUCODOWN® is the premier functional tea beverage in the diabetic nutritional consumer category, which encompasses the more than 100 million Americans estimated to be diabetic or pre-diabetic, by the Centers for Disease Control and Prevention.1 GLUCODOWN® is a unique and compelling functional beverage and the first tea mix ever to be enriched with healthy soluble fiber. Glucose Health, Inc. is a publicly-traded company with the ticker symbol (GLUC). GLUCODOWN® is proudly manufactured in the USA.
1National Diabetes Statistics Review, 2017; Centers for Disease Control and Prevention, Department of Health and Human Services.
Glucose Health, Inc.