Bioheart converts debt

|By:, SA News Editor

As part its restructuring to improve its chances of securing additional financing, Bioheart (BHRT -6.7%) settles a debt of $1,508,219.19 by issuing 37,705,478 shares of common stock. The transaction represents a 7.6% dilution for current shareholders.

The current holders of the company's Series A Convertible Preferred Stock have agreed to exchange their shares for shares of common stock contingent upon the company securing financing.