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Cape Cod’s UV Flu Technologies Inc. said in a release that it is paying off its last convertible note ahead of schedule, in an effort to eliminate all company debt.
Late last week, Centerville-based UV Flu told Asher Enterprises LLC that it was paying off the final convertible note, valued at $32,500, in cash. According to a statement in the release by company President Jack Lennon, just one year ago UV Flu had nearly $1 million in debt, and with paying off this last note, that has been reduced by somewhere between 90 percent and 95 percent.
UV Flu is a public company, trading on the Over the Counter Bulletin Board under the symbol “UVFT.” According to a recent filing with the U.S. Securities and Exchange Commission, UV Flu late last month executed a one-for-four reverse stock split that cut the number of shares outstanding to 32.2 million of 50 million authorized.
UV Flu makes a high-intensity ultraviolet radiation device to kill harmful bacteria. The device has been approved by the U.S. Food and Drug Administration to be marketed as a medical device. In December 2010, the company finalized the acquisition of an unnamed U.S. manufacturer of air purification equipment used in medical facilities. Although UV Flu Technologies did not name the acquired company at the time, it did sign a deal in October 2010 to acquire RxAir Industries LLC, a wholly owned subsidiary of The Red Oak Trust, according to a regulatory filing. RxAir describes on its website its focus on HEPA-based air purification systems for medical facilities.
The ViraTech UV-400 is UV Flu’s main product on the market, and its Dallas-based RxAir subsidiary RX-3000.
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