Guided Therapeutics Reports Significant Progress in Eliminating Variable Rate Convertible Loans and Restructuring Capitalization; Announces Reverse Stock Split

March 28, 2019 Off By BusinessWire

NORCROSS, Ga.–(BUSINESS WIRE)—-Guided Therapeutics, Inc. (Pink Sheets: GTHP), the maker of a rapid and
painless testing platform based on its patented biophotonic technology,
today announced it has successfully closed out variable rate convertible
loans with three lenders and reached preliminary agreements with two
other lenders to exchange their variable rate convertible notes for cash
and fixed rate equity once a significant financing of the Company
occurs. In return, the two lenders have agreed to suspend conversions.
These latest agreements mark significant progress in the Company’s goal
to reduce debt and improve its capitalization structure. Additional
agreements with creditors have reduced debt from a peak of approximately
$11 million early in 2018 to less than $6 million today. The Company has
plans to reduce its debt to less than $3 million in the near future.

In addition, the Company executed a 1:800 reverse stock split, effective
March 29, 2019. The stock split was approved by the Company’s
shareholders on October 19, 2018.

“Eliminating variable rate convertible notes and the debt that comes
with it has been a priority of Guided Therapeutics,” said Gene
Cartwright, President and CEO. “We believe that both of these steps will
make the Company more attractive to investors, as well as our previously
reported expectation of higher revenues due to increased sales in China,
Russian/Eastern Europe and Indonesia,” he added. “In addition, the
reverse split will allow the Company to uplift to the OTC Bulletin Board
and help make the Company more financeable.”

About Guided Therapeutics
Guided Therapeutics, Inc. (Pink
Sheets: GTHP) is the maker of a rapid and painless testing platform
based on its patented biophotonic technology that utilizes light for the
early detection of disease at the cellular level. The Company’s first
product is the LuViva® Advanced Cervical Scan, a non-invasive device
used to detect cervical disease instantly and at the point of care. In a
multi-center clinical trial with women at risk for cervical disease, the
technology was able to detect cervical cancer up to two years earlier
than conventional modalities, according to published reports. For more
information, visit: www.guidedinc.com.

The Guided Therapeutics LuViva^®Advanced
Cervical Scan is an investigational device and is limited by federal law
to investigational use in the U.S. LuViva, the wave logo and “Early
detection, better outcomes” are registered trademarks owned by Guided
Therapeutics, Inc.

Forward-Looking Statements Disclaimer: A number of the matters and
subject areas discussed in this news release that are not historical or
current facts deal with potential future circumstances and developments.
The discussion of such matters and subject areas is qualified by the
inherent risks and uncertainties surrounding future expectations
generally and also may materially differ from Guided Therapeutics’
actual future experience involving any of or more of such matters and
subject areas. Such risks and uncertainties include those related to the
early stage of commercialization of products, the uncertainty of market
acceptance of products, the uncertainty of development or effectiveness
of distribution channels, the intense competition in the medical device
industry, the sufficiency of capital raised in prior financings and the
ability to realize their expected benefits, the uncertainty of future
capital to develop products or continue as a going concern, the
uncertainty of regulatory approval of products, and the dependence on
licensed intellectual property, as well as those that are more fully
described from time to time under the heading “Risk Factors” in Guided
Therapeutics’ reports filed with the SEC, including Guided Therapeutics’
Annual Report on Form 10-K for the fiscal year ended December 31, 2017
and subsequent filings.