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November 17, 2003 16:19:45 (ET)
LOUISVILLE, Ky., Nov 17, 2003 /PRNewswire-FirstCall via Comtex/ -- FullCircle Registry, Inc. (FLCR, Trade), today announced that it has entered into an agreement with its debenture holders to redeem all of the Company's outstanding convertible debentures in exchange for cash in the amount of approximately $375,000. Under the agreement, dated November 17, 2003, monthly cash payments will be made to the debenture holders, and the conversion of the debentures into shares of the Company's common stock will cease as of the date of such agreement. Funding for this transaction will be provided by a credit facility provided by FullCircle's Chief Executive Officer, Ike Boutwell, and a small group of other shareholders.
"I believe this agreement represents a significant step forward for FullCircle," stated Mr. Boutwell. "Upon accepting the position of CEO in October 2003, I established the following primary goals:
1) To improve the Company's finances by reducing debt, gaining access
to working capital on reasonable terms and eliminating further
dilution related to previous financing agreements;
2) To focus the Company's human and financial resources directly upon
the execution of our business plan, thereby further developing and
aggressively marketing our core products and services;
3) To restore investor confidence and enhance shareholder value by
consistently demonstrating and communicating our progress regarding
the above priorities to the investment community.
I, along with the Board of Directors and management of FullCircle, remain committed to these goals, and we are encouraged by the progress made to date. The elimination of dilution from the convertible debentures will address investor concerns regarding the Company's capital structure, while allowing management to focus more effectively upon the execution of our business strategy," concluded Boutwell.
About FullCircle Registry, Inc.
FullCircle Registry is a technology-based company that provides emergency document and information management to consumers. Through the use of coded customer IDs and personal identification numbers, the system is designed to allow customers and/or medical personnel to quickly obtain critical information about specific medical needs, Advance Directives and contact information in the event of an emergency or other family crisis. Additionally, through the BrightStar Photo ID Kit, FullCircle Registry provides law enforcement personnel with child photo and identification information that can be critical in the search for missing or abducted persons. Through the Company's new product marketing division, FullCircle Registry offers Health Reimbursement Arrangements and Healthcare-Wellness Cards, and it is developing other non-insurance healthcare and emergency-related products and services. FullCircle Registry is headquartered in Louisville, Kentucky, and its common stock trades on the OTC Bulletin Board under the symbol "FLCR". For additional information, please visit the Company's Web site at
http://www.fullcircleregistry.com .
Except for the historical information contained herein, the statements in this announcement are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those relating to general economic conditions in the markets in which the companies operate; success in the development and market acceptance of new and existing products; dependence on suppliers, third-party manufacturers and channels of distribution; customer and product concentration; fluctuations in customer demand; maintaining access to external sources of capital; ability to execute management's margin improvement and cost control plans; overall management of the companies' expansion; obtaining of necessary regulatory approvals; and other risk factors detailed from time to time in the companies' filings with regulatory bodies.