Message #23 From:
NewsBot Date: September 27, 2006 06:30:00 AM
SOYL News American Soil Technologies Announces a Conversion of $1.17 Million in Debt to Common Stock
PACOIMA, Calif.--(BUSINESS WIRE)--American Soil Technologies, Inc. (OTCBB: SOYL) announced today that its
largest creditor, FLD Corporation, as well as Diana Visco and Benz
Disposal Company, have agreed to convert a total of $1,172,107 of debt
to Common Stock.
Benz Disposal is controlled by Louie Visco, a Director and Board
Chairman of American Soil Technologies, and FLD Corporation is owned by
the Visco family. Diana Visco is the Corporate Secretary of American
Soil Technologies and is the daughter of Louie Visco.
Carl Ranno, the President and CEO of American Soil Technologies, stated, “This
conversion is a strong indication of the confidence our creditors have
in the future of our Company. Other than trade payables, the Company has
very little short-term debt on its books.”
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 green 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 six patents on a revolutionary new
machine, the M-216 Injector, designed to install liquid products in
mature turf as well as some standing crops. The machine has been built,
tested and is now operational. The Company has recently acquired a
patent on a unique family of stable, interactive fertilizers consisting
of carbonized clusters that have been successfully sold in the turf and
agriculture segments of our industry.
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.
