Waytronx (WYNX.OB) Announces Retirement of $7.2M in Debt
Waytronx Inc. provides advanced cooling systems solutions through its wholly owned subsidiaries, CUI Inc. and CUI-Japan. Waytronx today announced it has retired $7,243,059 in debt, including $1,093,059 in accrued interest. The company said that the previous owners of CUI entered into an Accord & Satisfaction with the company, which eliminates $4,900,000 of debt and $850,000 in accrued interest, in exchange for 1,000,000 shares of the Waytronx common stock and one-time payment of $50,000. As a result of the agreement, Waytronx will post a related gain on debt extinguishments of $5,630,500 for the second quarter of 2010. The company also said…