NEW YORK, Sept. 21, 2006 (PRIMEZONE) -- Luna Technologies International, Inc. (OTCBB:LTII) has today announced that the Company has reached an agreement with NIR Group ("Debenture Holder") to redeem the balance of the outstanding $1,000,000 convertible debenture currently held by NIR Group. For the past two months NIR Group has been converting outstanding debt into registered common shares of the Company and selling those shares in the open market. For the next 45 days all conversion activities will be halted, during which time Luna Technologies can repurchase the balance of the note, which is slightly more than $750,000 as of today. The Company is confident it will be successful in redeeming this convertible note; however, there can be no guarantee of success in this initiative. In the event that the Company fails to redeem the outstanding balance, everything will revert back to the previous terms and NIR Group will receive 1,000,000 additional shares as a penalty. In the meantime the Company is actively seeking potential acquisition targets to create shareholder value in the future.
Commenting on the above-mentioned agreement, Luna CEO Kimberly Landry stated: "We are very pleased to have reached this agreement with the debenture holder and will work extremely hard towards the goal of successfully retiring this note. With a 45-day halt in conversion activity, the Company has some breathing room to execute a viable game plan to address the issue at hand."
About Luna Technologies: Luna Technologies is a leading developer and manufacturer of modern high-performance photoluminescent products. It is credited with the first commercially available high-performance SRA based products, the first photoluminescent Exit Sign to pass Underwriters Laboratories' tough 75 ft. visibility/legibility standard, as well as the first photoluminescent Exit Sign to be approved by the Energy Star program. From buildings of all types, to airplanes, trains and passenger ships, photoluminescent products are enhancing progressive life-safety systems. Luna Technologies is leading this initiative, from advising building code and standards organizations to assisting companies to integrate photoluminescent systems into their life-safety programs.
Disclaimer
Cautionary Note Regarding Forward-Looking Statements and Risks: Some of the statements in this press release are forward-looking statements and as such are based on an assumed set of economic conditions and courses of action. These include statements that describe Luna Technologies' future plans, objectives or goals. There is a significant risk that actual results will vary, perhaps materially, from results projected depending on such factors as changes in general economic conditions and financial markets, changes in building codes, the timing and availability of financing, governmental and other approvals and other risk factors listed from time-to-time in Luna Technologies' Form 10-K and its other reports filed with the Securities and Exchange Commission. Luna Technologies disclaims any responsibility to update forward-looking statements made herein.