LIFEVANTAGE CORPORATION ANNOUNCES NEW FUNDING OF $1,075,000
GREENWOOD VILLAGE, Colorado -- LifeVantage Corporation (OTCBB: LFVN), maker of Protandim®, on September 26, 2007, received gross proceeds of $1,075,000 from certain accredited investors purchasing convertible debentures of the Company. The transaction was completed effective September 26, 2007 and LifeVantage issued $1,075,000 of three-year Convertible Notes bearing interest at 8% per annum convertible at a price of $0.20 per share and Warrants to purchase 5,375,000 shares of Common Stock exercisable at $0.30 per share exercisable until their expiration date on September 26, 2012. The Company may sell up to a maximum of $2,000,000 at its discretion up to October 31, 2007.
The placement agent for the transaction was Aspenwood Capital ("Aspenwood"),1675 Larimer Street, Suite 720, Denver, CO 80202. Each of the purchasers was an accredited investor as defined in the Securities Act of 1933, as amended.
Dr. James Crapo, Chairman of LifeVantage, added, "This funding is crucial to our plan to expand our 'Direct To Consumer' sales channel which we believe will bring about growth revenue. We intend to launch the first of these new marketing initiatives during late October.
About Protandim®
Protandim® is a patented dietary supplement that increases the body's natural antioxidant protection by inducing two protective enzymes, superoxide dismustase (SOD) and catalase (CAT). These naturally occurring enzymes simply become overwhelmed by free radicals as we get older. Oxidative stress (cell damage caused by free radicals) occurs as a person ages, when subjected to environmental stresses or as an associated factor in certain illnesses. TBARS are laboratory markers for oxidative stress in the body. New data from a scientific study in men and women show that after 30 days of taking Protandim®, the level of circulating TBARS decreased an average of 40 percent, with this decrease shown to be maintained at 120 days. Protandim® strengthens a person's defenses against oxidative stress by increasing the body's natural antioxidant enzymes. For more information, please visit the Protandim® product web site at www.protandim.com.
About LifeVantage Corporation
LifeVantage Corporation markets Protandim®. LifeVantage Corporation is committed to helping people achieve health and wellness for life. For more information, please visit the Company's web site at www.lifevantage.com.
Except for historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and applicable common law. The Company uses the words "anticipate," "believe," "could," "should," "estimate," "expect," "intend," "may," "predict," "project," "target" and similar terms and phrases, including references to assumptions, to identify forward-looking statements. These forward-looking statements are based on the Company's expectations and beliefs concerning future events affecting the Company and involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. These factors are difficult to accurately predict and may be beyond the control of the Company. The following factors are among those that may cause actual results to differ materially from our forward-looking statements: the Company's limited cash flow and the rapid development of technology, lack of liquidity for the Company's common stock, working capital shortages and the length of time for scientific advances to reach the market (if they ever reach the market). These and other additional risk factors and uncertainties are discussed in greater detail in the company's Annual Report on Form 10-KSB and other documents filed with the Securities and Exchange Commission. Forward-looking statements made by the Company in this news release or elsewhere speak only as of the date made. New uncertainties and risks come up from time to time, and it is impossible for the Company to predict these events or how they may affect the Company. The Company has no duty to, and does not intend to, update or revise the forward-looking statements in this news release after the date it is issued. In light of these risks and uncertainties, investors should keep in mind that the results, events or developments disclosed in any forward-looking statement made in this news release may not occur.
About Aspenwood Capitol
Aspenwood Capital of Denver, CO, the Investment Banking Division of Green Drake Capital Corporation (member NASD/SIPC), specializes in providing investment banking services to small-cap public issuers and late stage private companies. Aspenwood Capital focuses primarily on raising capital and providing strategic advice for public companies, as well as taking private companies public through alternative public offerings.
Contacts:
Life Vantage Corporation
Bradford K. Amman
Phone: 720-488-1711
Fax: 303-565-8700