American Soil Technologies Announces a Conversion of $1.17 Million in Debt to Common Stock.PACOIMA, Calif. -- American Soil Technologies, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : SOYL) announced today that its largest creditor, 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, 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 (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, "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 Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. on its books." 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 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 For the process of carbonization, see . Carbonized were a Swedish death metal band. They later developed into psychedelic grindcore and gradually became more and more avant garde. clusters that have been successfully sold in the turf and agriculture segments of our industry. 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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