FOR
IMMEDIATE RELEASE
Investor
Contacts:
Richard
T. Schumacher, President & CEO
|
Pressure
BioSciences, Inc.
|
Edward
H. Myles, Vice President of Finance & CFO
|
(508)
580-1818 (T)
|
Pressure
BioSciences, Inc. Announces
Full
Payment of Loan Receivable by CEO/Director
West
Bridgewater, MA, December 29, 2006 - Pressure BioSciences, Inc. (NASDAQ: PBIO)
today announced that Richard T. Schumacher, President, CEO, and a Director
of
the Company, has delivered 249,875 shares of his PBIO common stock in full
payment of his loan receivable to the Company, including all outstanding
principal ($1,000,000) and interest accrued during Q4 2006 ($25,487). The number
of shares was determined based upon a value of $4.10 per share, the volume
weighted average trading price of the Company’s common stock on the NASDAQ
Capital Market during the 60 trading days ending on December 29, 2006.
As
a
result of this payment, the total number of the Company’s issued and outstanding
shares of common stock will decrease from 2,315,300 to 2,065,425, a decrease
of
10.8%, and Mr. Schumacher will own 229,782 shares of PBIO common stock, or
approximately 11.1% of the Company’s issued and outstanding shares.
About
Pressure BioSciences, Inc.
Pressure
BioSciences, Inc. (PBI) is a publicly traded, early-stage company focused on
the
development of a novel, enabling technology called Pressure Cycling Technology
(PCT). PCT uses cycles of hydrostatic pressure between ambient and ultra-high
levels (up to 35,000 psi and greater) to control bio-molecular interactions.
PBI
currently holds 13 US and 5 foreign patents covering multiple applications
of
PCT in the life sciences field, including such areas as genomic and proteomic
sample preparation, pathogen inactivation, the control of enzymes,
immunodiagnostics, and protein purification.
Visit
us
at our website http://www.pressurebiosciences.com