Strategic Stocks To Watch CONVERTED ORGANICS INCORPORATED (OTCBB: COIN)
Up 175.86% on Thursday
Converted Organics, Inc. focuses on the manufacture, sale, and distribution of natural soil amendment products combining nutritional and disease suppression characteristics. It uses organic food waste as raw material to manufacture soil amendment products. Converted Organics plans to sell and distribute these products in the agribusiness, turf management, and retail markets. The company was founded in 2003 and is headquartered in Boston, Massachusetts.
COIN News:
December 22 – Converted Organics (COIN) Provides Update on Its Senior Convertible Note
12-30-11 Strategic Stocks To Watch CONVERTED ORGANICS INCORPORATED (OTCBB: COIN)
Converted Organics Inc. (OTCBB: COIN), a manufacturer of organic liquid fertilizers and the owner of three lines of business involving converting organic wastes to fertilizer, recycling industrial waste waters, and vertical farming, provided an update on its senior convertible note.
The aggregate unpaid principal balance of the note, originally $3.8 million as of October 1, 2011, has declined to $2.6 million as of December 22, 2011. To date, the total of $1.2 million in principal has been converted into 89 million common shares. The total outstanding common shares of the Company are now approximately 103 million shares.
“We are pleased to report the status of the reduction in the principal amount of the convertible debt,” said Edward Gildea, President of Converted Organics Inc. “Retiring the convertible note is an important step in positioning the company for future transactions that we hope will inure to the benefit of our shareholders.”
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