Exhibit 99.1
For Further Information:
Human Pheromone Sciences, Inc.
84 West Santa Clara Street, Suite 720
San Jose, CA 95113
(408) 938-3030
Contact: William P. Horgan, CEO
Human Pheromone Sciences Enters into Agreement for the Sale of
Common Stock and Warrants
San Jose, California, September 28, 2005. Human Pheromone Sciences, Inc. (OTC
Bulletin Board: EROX) (the "Company" or "HPS") announced today that it has
signed a binding term sheet with Rubinson & Associates, Inc. ("Rubinson") under
which Rubinson will purchase 833,333 units, each consisting of one unregistered
share of common stock of HPS, together with five year warrants for the purchase
of four additional shares of common stock. The amount to be initially invested
will be $500,000. If fully exercised, the warrants would result in an aggregate
additional investment of $2,416,666, however there can be no assurance that any
of the warrants will be exercised.
The terms agreed by the Company and Rubinson are subject to the completion of
mutual Due Diligence, which is expected to be completed by the end of October
and the completion of all legal, corporate and securities compliance
requirements. A closing is scheduled for November 7th. The understanding with
Rubinson also provides that Mitchell Rubinson, Chairman of Rubinson &
Associates, Inc., will be employed by the Company at a base salary of $1.00 per
year and elected as Chairman of the Board of Directors.
In commenting on the proposed transaction, William P. Horgan, CEO of the
Company said, "pending the completion of the due diligence and the other
requirements, we are excited to welcome Mitchell Rubinson to HPS and look
forward to benefiting from his years of business experience and the acumen he
brings with him." Mr. Rubinson is a private investor who has, over the past
several decades, taken an active role in building public and private companies
in which he has invested.
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With respect to the currently proposed transaction, Mr. Rubinson said, "I am
very excited to be taking on a leadership role to assist the Company in
realizing its vision of increased product introduction and distribution."
Human Pheromone Sciences, Inc. is a technology-based company, whose
proof-of-concept products included prestige-price fragrances and toiletries and
environmental products sold under the Natural Attraction, REALM, innerREALM and
EROX trademarks. These products contain mood-enhancing human pheromones, the use
of which is covered under U.S. and foreign patents. The Company also licenses
its proprietary technology to other companies for inclusion in their products
for direct sale to the consumer in several markets. Scientific and consumer
studies have shown that the Company's human pheromones positively impact on the
moods, attitudes and emotions of wearers. Further information is available on
line at www.erox.com.
The statements in this news release may contain forward-looking statements
that involve risks and uncertainties that could cause results to differ from
predicted results. Further information on factors that could affect the
Company's results is detailed in the Company's annual report to shareholders on
Form 10-KSB for the year ended December 31, 2004 and the Form 10-QSB for the six
months ended June 30, 2005 as filed with the Securities and Exchange Commission.
The Company undertakes no obligation to publicly release the result of any
revisions to these forward-looking statements.
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