Koil Energy Solutions Inc. (KLNG)

[jdsgungho]

do they really believe???

DPDW) announced today that it has converted all 5,000 shares of Series D Convertible Preferred Stock outstanding and held by Ronald E. Smith, President and CEO and Mary L. Budrunas, VP, into 25,866,529 shares of common stock of Deep Down. The Series D Convertible Preferred Stock was convertible at $0.1933 per share. The Holders of Series D Convertible Preferred Stock also had the option, beginning April 29, 2008, to force the Company to use up to 15.625% of the prior year's audited net income to redeem shares of Series D Preferred Stock held by them at $1,000 per share.
"Ron Smith and Mary Budrunas are once again signaling their confidence in the future operations of Deep Down by giving up their preference rights embedded in the preferred securities. We enthusiastically welcome this conversion, which continues the Company's efforts to simplify and strengthen its balance sheet. This conversion eliminates the potential redemption obligation and increases the equity on our balance sheet," said Robert E. Chamberlain, Jr., Chairman and Chief Acquisition O