EcoSolutions Intl. Approves Debt Conversion and Retires Debt
businesswire
*
Share
*
retweet
* Email
* Print
*
Companies:
o ecoSolutions Intl
Related Quotes
Symbol Price Change
ECOI.PK 0.08 0.00
Chart for ECOSOLUTIONS INTL
{"s" : "ecoi.pk","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""}
Press Release Source: EcoSolutions Intl. On Wednesday November 10, 2010, 8:15 am
ASHLAND, Ore.--(BUSINESS WIRE)-- EcoSolutions Intl. (Pink Sheets:ECOI.pk - News) announced today that its board has approved a debt conversion between Westside Partners and Longview Advisors LLC. The company’s newly appointed CEO, Lawrence Adams, commented, “This transaction retires a significant portion of our unsecured corporate debt and clears our balance sheet, which is part of our overall turnaround strategy.”
The company board agreed to the reduction of the conversion price from .08 to .005 while Longview LLC has agreed to a Lockout/Leak out agreement as part of the board approval. “This allows the company to focus on its Acquisition strategy, while continuing to retire company debt,” Mr. Adams commented. “While it creates dilution to the shareholders, the debt obligation was a burden thusly relieving the potential liability to the company.”
Furthermore, Longview has an Option to buy the company's remaining unsecured note held by T-Squared Partners, an institutional investor in the company. The note carries a face value of $100,000.00 with an interest rate of 6%. The option calls for a reset on the conversion rate from .08 to .01 for half of the note, and .08 to .05 on the remainder of the note. “If executed the transaction would alleviate the company of all of its unsecured debt,” Mr. Adams commented. “In addition, as previously mentioned, we expect to file current financial documents shortly.”
EcoSolutions Intl. is a GREEN company with revolutionary procedures that, among other products, produce a thermoplastic material that can replace PVC, and is non-toxic and 100% recyclable.
Forward-Looking Statements
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," and "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's filings, which are on file with the U.S. Securities and Exchange Commission (SEC).
Contact:
EcoSolutions Intl.
Mike Russo, VP Investor Relations
631-422-6325
