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Converted Organics Debenture Note Holder Converts Remaining Debt Position to Common Stock
BOSTON--(BUSINESS WIRE)--Converted Organics Inc. (NASDAQ:COIN) announced today that Professional Offshore Opportunity Fund, Ltd., the largest holder of Converted Organics’ secured convertible debenture note, converted its outstanding debt position into shares of Converted Organics common stock. The final transaction took place on April 23, 2009.
“Converted Organics is very pleased that all but a minor portion of the debt has been eliminated,” said Edward J. Gildea, President of Converted Organics. “We remain optimistic about the immediate and long-term future of the Company, and continue to focus on maximizing fertilizer production, closing sales, and effectively managing expenses. The remaining principal on the secured convertible debenture note, held by High Capital Funding, LLC, is approximately $85,000.”
The Company also announced today that a special meeting of Converted Organics shareholders, scheduled to be held on April 23, 2009 to approve a new financing proposal, was cancelled due to lack of a voting quorum.
“The lack of a quorum at the special meeting of shareholders caused the meeting to be cancelled. However, the Company has identified alternate sources of financing that we consider to be superior to the option that was to be approved,” added Mr. Gildea. “We look forward to sharing details about this new arrangement with our shareholders as they become finalized.”
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