American Soil Technologies Announces $1.9 Million in Debt Converted to Common Stock and 2 Million Preferred Shares to Common.PASADENA, Calif. -- American Soil Technologies, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :SOYL) announced today that FLD FLD Field FLD Fielding FLD Fluid Dynamics FLD Free Lunch Design FLD Fatty Liver Disease (aka hepatic lipidosis) FLD Forming Limit Diagram FLD fluorescence detector FLD Fond du Lac, Wisconsin (Airport Code) Corporation, its largest creditor An individual to whom an obligation is owed because he or she has given something of value in exchange. One who may legally demand and receive money, either through the fulfillment of a contract or due to injury sustained as a result of another's Negligence 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 Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 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 Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . 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. |
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