Message #12 From:
Stock News Bot Date: April 15, 2005 09:27:20 AM
SOYL American Soil Technologies Announces $1.9 Million in Debt Converted to Common Stock and 2 Million Preferred Shares to Common
American Soil Technologies Announces $1.9 Million in Debt Converted to Common Stock and 2 Million Preferred Shares to Common
PASADENA, Calif.
Crosscheck Capital (Investor Relations)
Alex Johnston
866-214-5833
American Soil Technologies, Inc. (OTCBB:SOYL) announced today that FLD Corporation, its largest creditor and Benz Disposal have agreed to convert a total of $1,994,799 of debt to Common Stock. The Benz Group, the Company's largest shareholder also converted 2 million preferred shares to common stock.
FLD is owned by the Visco family and Benz Disposal is controlled by Louie Visco a Director and Board Chairman of American Soil Technologies.
Carl Ranno, the President and CEO of American Soil Technologies, stated, "With this conversion the Company has limited its debt to long term debentures and trade payables and has given the Company an additional 2 million preferred shares." Mr. Ranno went on to state "this conversion will have a very positive impact on the Company's balance sheet that will be beneficial in terms of future financing as required and is a strong indication of the confidence our largest shareholder has in the future of our Company."
Additional information about the conversion is available in the Company's Form 8-K filed today with the Securities and Exchange Commission.
About American Soil Technologies, Inc.
American Soil Technologies is in the $150 billion agricultural industry. The company develops, manufactures and markets cutting-edge technology that decreases the need for water in agriculture and other plant growing environments while increasing crop yield and reducing the environmental damage caused by common farming practices. The Company has an exclusive license to two method patents with cross-linked and linear polymers as their basis. The Company also holds three patents on a revolutionary new machine, the M-216 Polymer Injector, designed to install its liquid products in mature turf as well as some standing crops. The machine has been built, tested and is now operational.
More product information can be found on the corporate Web site, located at http://www.americansoiltech.com.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
