BAZI® closes $500,000 private placement
Signs Purchase Agreement with Lincoln Park Capital
DENVER, CO. – (PR NEWSWIRE) – June 23, 2011 – BAZI International, Inc. (OTCBB: BAZI) announced today it has closed on a $500,000 equity placement transaction. The $500,000 capital was raised through the issuance of 5,000,000 units at a price at $.10 per share each unit consisting of one common share and a warrant to purchase one share of common stock exercisable at $0.25 per share. Concurrently, the Company entered into an equity purchase agreement with Lincoln Park Capital Fund, LLC (“LPC”), a Chicago-based institutional investor, whereby LPC has committed to purchase, at Bazi’s (“the Company”) sole discretion, up to $10 million of common stock of the Company.
“The financing provides the additional capital necessary to continue operations while the Company executes a larger financing,” said Kevin Sherman, CEO, BAZI. “The agreement with LPC, a forward-thinking institutional
investor, provides the Company with flexibility in financing the execution of its business plan. While we are under no obligation to utilize the facility, it provides the Company with the ability to have financial security to capitalize on the numerous relationships the Company has built over the past six months to distribute BAZI.”
Under the agreement with LPC, and subject to certain conditions and at the Company’s sole discretion, LPC has committed to invest up to $10 million in the Company’s common stock over a 36-month period. The Company is required to file a registration statement with the U.S. Securities and Exchange Commission covering the sale of the shares that may be issued to LPC. Once the registration statement is effective, LPC is obligated to make purchases as the Company directs in accordance with the purchase agreement, which may be terminated by the Company at any time, without cost or penalty. Sales of shares will be made in specified amounts and at prices that are based upon the market prices of the Company’s common stock immediately preceding the sales to LPC, without any fixed discount.
A more detailed description of the agreement with LPC is set forth in the Company’s Current Report on Form 8-K recently filed with the SEC which the Company encourages be reviewed carefully.
About Lincoln Park Capital ("LPC")
LPC is an institutional investor headquartered in Chicago, Illinois. LPC's experienced professionals manage a portfolio of investments in public and private entities. These investments are in a wide range of companies and industries emphasizing life sciences, energy and technology. LPC's investments range from multiyear financial commitments to fund growth to special situation financings to long-term strategic capital offering companies certainty, flexibility and consistency. For more information, visit
www.LincolnParkCapital.com.
ABOUT BAZI®
BAZI International, Inc. is a provider of healthy energy shots designed to help enhance physical health and overall performance.
BAZI® is a concentrated energy shot with eight super fruits, including jujube, acai, mangosteen, goji, pomegranate, blueberry, raspberry and seabuckthorn, plus a variety of phytonutrients, antioxidants, vitamins and trace minerals, supporting the critical nutrition needed daily in a convenient, great tasting 2 ounce shot.
BAZI's commitment to quality, science and research has earned the company a loyal following of world-class athletes and an elite list of endorsers, including Olympic athletes. For more information about
BAZI®, please visit
www.drinkBAZI.com.
Forward-Looking Statement:
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "if", "should" and "will" and similar expressions as they relate to BAZI International, Inc. are intended to identify such forward-looking statements. BAZI International, Inc. may from time to time update these publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. For a discussion of such risks and uncertainties, see "Risk Factors" in BAZI's report on Form 10-K filed with the Securities and Exchange Commission and its other filings under the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.
Contact
DC Consulting, LLC
407-792-3332
investorinfo@dcconsultingllc.com
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