THE WOODLANDS, Texas, June 10 /PRNewswire/ -- Microbes, Inc. today announced that it has extended its current offer to exchange shares of Common Stock for any and all of its outstanding Series 1, Series 2 and Series 3 Cumulative Preferred Stock until 12:00 midnight, New York City time, on Thursday, June 17, 2010. The exchange offer was scheduled to expire at 12:00 midnight, New York City time, on June 10, 2010.
The extension will provide holders of Preferred Stock additional time to determine whether to tender their shares of Preferred Stock in the exchange offer. Microbes is offering to exchange shares of Common Stock for shares of Preferred Stock, properly tendered and not withdrawn, at an exchange value of $2.00 per share of Common Stock. The rate at which the Company is offering to exchange shares of Common Stock is different for each series of Preferred Stock (the "Exchange Rate"). The Exchange Rate is determined as the quotient obtained by dividing the sum of (1) the stated value of the tendered shares of a particular series of Preferred Stock ($4.83 for the Series 1 Preferred Stock, $9.506 for the Series 2 Preferred Stock and $10.85 for the Series 3 Preferred Stock, respectively) plus (2) accrued and unpaid dividends on such shares to the date of acceptance by the Company in the offer by $2.00.
The exchange offer is being made solely by the Offer to Exchange, dated April 23, 2010, as amended or supplemented from time to time, and the related Letters of Transmittal. Holders of Preferred Stock are urged to read the Offer to Exchange and the related Letters of Transmittal, because they contain important information.
Microbes has developed and manufactures and markets a line of agricultural biofertilizer products through its wholly-owned subsidiary, Rhizogen, LLC. These products feature beneficial bacteria that enhance nutrient uptake by plants and increase crop health and yields. Microbes introduced the first organic, true granular, dry biological fertilizer. Microbes has also developed and marketed products for microbial-enhanced oil recovery by using naturally occurring bacteria in oil wells and oil producing reservoirs to enhance production and commercial value.
SOURCE Microbes, Inc.