Transax enters into standstill agreement with Cornell Capital

By Sheri Kasprzak

New York, Feb. 20 - Transax International Ltd. has entered into a standstill agreement with Cornell Capital Partners LP, which holds its series A preferred stock, and with Scott and Heather Grimes, who hold convertible notes from the company.

Cornell and the Grimes have agreed to not convert or sell any of their holdings until April 30, 2007.

Also under the agreement, Transax agreed to fully repay a $1.6 million equity investment from Cornell and $225,000 in convertible debentures from the Grimes.

Transax, based in Miami, develops network solutions for the health care sector.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.