Skinny Nutritional Corp. Retires $1,255,000 in Outstanding Debt
BALA CYNWYD, Pa., Feb. 2, 2012 /PRNewswire/ — Skinny Nutritional Corp. (OTC BB: SKNY.OB) the maker of Skinny Water® and a leader in the zero-calorie enhanced water category, is pleased to announce that it has completed a transaction with Ironridge Global IV, Ltd. for the settlement of approximately $1,255,000 of outstanding debt in consideration of an initial amount of 65,100,000 shares of common stock of the Company. In connection with this transaction, Ironridge Global IV, Ltd. had acquired approximately $1,225,000 of outstanding debt from certain creditors of the Company, substantially reducing the Company’s outstanding accounts payable balance.
“Our transaction with Ironridge has allowed us to substantially reduce our accounts payable by over $1,250,000,” said Michael Salaman, CEO of Skinny Nutritional Corp.
Ironridge Global Partners, LLC is a private equity firm that assists public companies in financing operations and expansion. By supplying innovative financing solutions and flexible capital, Ironridge Global seeks to unlock the full potential of cash-constrained businesses. The firm’s core objective is to propel high growth companies in building faster growing and more profitable enterprises.
The Skinny Water® lineup features eight great-tasting flavors, including Acai Grape Blueberry (Hi-Energy), Raspberry Pomegranate (Crave Control), Lemonade Passionfruit (Total-V), Orange Cranberry Tangerine (Wake Up) and as part of its ‘Sport’ line: Blue Raspberry (Fit), Pink Berry Citrus (Power), Kiwi Lime (Active) and Goji Black Cherry (Shape). Every bottle of Skinny Water® has key electrolytes, antioxidants, and vitamins and has zero calories, sugar, and sodium, and no preservatives, with all natural colors and flavors.
ABOUT SKINNY NUTRITIONAL CORP.
Headquartered in Bala Cynwyd, Pa., Skinny Nutritional Corp., the creators of Skinny Water®, a zero-calorie, zero-sugar, zero-sodium and zero-preservative enhanced water with key electrolytes, antioxidants, and vitamins. Skinny Water comes in eight great-tasting flavors that include Acai Grape Blueberry, Raspberry Pomegranate, Orange Cranberry Tangerine and Lemonade Passionfruit, and as part of its ‘Sport’ line: Blue Raspberry, Pink Berry Citrus, Kiwi Lime and Goji Black Cherry. Skinny Nutritional Corp. also expects to launch additional Skinny-branded beverages. For more information, visit www.SkinnyWater.com and www.facebook.com/skinnywater.
SAFE HARBOR STATEMENT
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. When used in this release, the words “believe,” “anticipate,” “think,” “intend,” “plan,” “will be,” “expect,” and similar expressions identify such forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the Company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Chief Financial Officer
Skinny Nutritional Corp.
3 Bala Plaza East, Suite 101
Bala Cynwyd, PA 19004
610-784-2000 Ext. 103
SOURCE Skinny Nutritional Corp.