UV Flu Technologies Continues Aggressive Program to Pay off Convertible Debt
CENTERVILLE, Mass., Feb. 6, 2012 /PRNewswire/ -- UV Flu Technologies, Inc. (OTCBB: UVFTD) (the "Company") is pleased to announce it is ahead of schedule in its continuing program to eliminate all debt. On February 3, 2012, the Company notified Asher Enterprises, LLC, that the remaining and final convertible note, in the amount of $32,500 would be paid off in cash.
"The progress we have made in the last twelve months is nothing short of extraordinary," said Jack Lennon, President of UV Flu. "One year ago, our notes and accounts payable amounted to almost one-million dollars. With the payoff of this note, the $118k note and other reductions in notes and accounts payable, we anticipate having total debt and accounts payable at levels 90-95% below that of a year ago."
"Our program with furniture stores continues to move forward, with display kiosks and advertising materials now in production," said Mr. Lennon. "We are shipping product to India, Oman, Tunisia, and are still working out details with distribution in China and Italy. We are aggressively pursuing American hospitals with a variety of distributors, including Grainger, Inc, and expect 2012 sales to be significantly higher."
Further details regarding the Company's business, acquisitions, financial reports and agreements are filed as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database. For more information, visit: www.uvflutech.com.
About UV Flu Technologies, Inc. (OTCBB: UVFT)
UV Flu Technologies is an innovative developer, manufacturer and distributor of bio technology products initially targeting the rapidly growing Indoor Air Quality ("IAQ") industry sector (over $7.7 billion in 2008). The Company manufactures the ViraTech UV-400, which utilizes high-intensity ultraviolet radiation (UV-C) inside a killing chamber that goes beyond filtration to destroy harmful airborne bacteria, at rates exceeding 99.2% on a first-pass basis, while also reducing the concentrations of odors, and VOCs (volatile organic compounds, such as acetone, benzene, formaldehyde, etc.) The FDA has issued a coveted Class II medical listing that enables UV Flu Technologies to market the product as a medical device.
In addition, the Company's RxAir subsidiary in Dallas, TX, makes one of the world's finest lines of hospital-grade HEPA filtration products. The RX-3000, the Company's main product, is currently in almost 450 hospitals internationally, is FDA cleared as a Class II Medical Device, and has been shown to capture 99.99% of all airborne contaminants. The Company's product lines are in Hospitals, government buildings, casinos and restaurants around the world.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD
UV Flu Technologies, Inc.
John J. Lennon, President & CEO
SOURCE UV Flu Technologies, Inc.
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