Human Pheromone Sciences Enters Into Agreement for the Sale of Common Stock and Warrants
28 Setembro 2005 - 4:58PM
PR Newswire (US)
SAN JOSE, Calif., Sept. 28 /PRNewswire-FirstCall/ -- Human
Pheromone Sciences, Inc. (OTC:EROX) (BULLETIN BOARD: EROX) (the
"Company" or "HPS") announced today that it has signed a binding
term sheet with Rubinson & Associates, Inc. ("Rubinson") under
which Rubinson will purchase 833,333 units, each consisting of one
unregistered share of common stock of HPS, together with five year
warrants for the purchase of four additional shares of common
stock. The amount to be initially invested will be $500,000. If
fully exercised, the warrants would result in an aggregate
additional investment of $2,416,666, however there can be no
assurance that any of the warrants will be exercised. The terms
agreed by the Company and Rubinson are subject to the completion of
mutual Due Diligence, which is expected to be completed by the end
of October and the completion of all legal, corporate and
securities compliance requirements. A closing is scheduled for
November 7th. The understanding with Rubinson also provides that
Mitchell Rubinson, Chairman of Rubinson & Associates, Inc.,
will be employed by the Company at a base salary of $1.00 per year
and elected as Chairman of the Board of Directors. In commenting on
the proposed transaction, William P. Horgan, CEO of the Company
said, "Pending the completion of the due diligence and the other
requirements, we are excited to welcome Mitchell Rubinson to HPS
and look forward to benefiting from his years of business
experience and the acumen he brings with him." Mr. Rubinson is a
private investor who has, over the past several decades, taken an
active role in building public and private companies in which he
has invested. With respect to the currently proposed transaction,
Mr. Rubinson said, "I am very excited to be taking on a leadership
role to assist the Company in realizing its vision of increased
product introduction and distribution." Human Pheromone Sciences,
Inc. is a technology-based company, whose proof-of-concept products
included prestige-price fragrances and toiletries and environmental
products sold under the Natural Attraction, REALM, innerREALM and
EROX trademarks. These products contain mood-enhancing human
pheromones, the use of which is covered under U.S. and foreign
patents. The Company also licenses its proprietary technology to
other companies for inclusion in their products for direct sale to
the consumer in several markets. Scientific and consumer studies
have shown that the Company's human pheromones positively impact on
the moods, attitudes and emotions of wearers. Further information
is available on line at http://www.erox.com/. The statements in
this news release may contain forward-looking statements that
involve risks and uncertainties that could cause results to differ
from predicted results. Further information on factors that could
affect the Company's results is detailed in the Company's annual
report to shareholders on Form 10-KSB for the year ended December
31, 2004 and the Form 10-QSB for the six months ended June 30, 2005
as filed with the Securities and Exchange Commission. The Company
undertakes no obligation to publicly release the result of any
revisions to these forward-looking statements. DATASOURCE: Human
Pheromone Sciences, Inc. CONTACT: William P. Horgan, CEO of Human
Pheromone Sciences, Inc., +1-408-938-3030 Web site:
http://www.erox.com/
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