ADDISON, Texas, April 20, 2015 /PRNewswire/ -- ULURU Inc. (OTCQB: ULUR) announced today that they have entered a settlement agreement with Inter-Mountain Capital Corporation ("Inter-Mountain") to resolve the outstanding litigation associated with a warrant exercise.
Under the terms of the settlement, Uluru issued Inter-Mountain 361,516 shares of Common Stock, issued an unsecured Promissory Note for $550,000, and a 5 year Warrant to purchase 194,118 shares of Common Stock at an exercise price of $0.85 per share. Repayment of the Promissory Note commences 120 days after the issuance of the note, which can be paid in cash or shares of Common Stock at the Company's election. The complaint filed by Inter-Mountain originally claimed 782,234 shares of Common Stock for the exercise of the warrant and liquidated damages.
Commenting on the litigation settlement, Kerry P. Gray, President and CEO of Uluru Inc., stated, "We are pleased to resolve this outstanding legal complaint. This settlement will avoid time consuming and expensive litigation. Given the potential risks and limited upside that could be gained, we view this as a very favourable resolution."
About ULURU Inc.:
ULURU Inc. is a specialty pharmaceutical company focused on the development of a portfolio of wound management and oral care products to provide patients and consumers improved clinical outcomes through controlled delivery utilizing its innovative Nanoflex® Aggregate technology and OraDisc™ transmucosal delivery system. For further information about ULURU Inc., please visit our website at www.uluruinc.com. For further information about Altrazeal®, please visit www.Altrazeal.com.
ULURU Inc. (OTCQB: ULUR) trades on the OTCQB Venture stage marketplace for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com.
This press release contains certain statements that are forward-looking within the meaning of Section 27a of the Securities Act of 1933, as amended. These statements are subject to numerous risks and uncertainties, including but not limited to the risk factors detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2014, and other reports filed by us with the Securities and Exchange Commission.
Kerry P. Gray
President & CEO
Terry K. Wallberg
Vice President & CFO
SOURCE ULURU Inc.