RE: COINU Converted OrganicsShouldn't this be on an IBR announcement? This is amazing news. The IBR process, is now in the USA, and the company is not telling anyone? What the hell is going on?
From Stockhouse:
Paulson Investment Company, Inc. Completes Initial Public
Offering of Converted Organics Inc. [GTCVDXV]
PORTLAND, OR -- (MARKET WIRE) -- 02/16/07 --
Paulson Investment Company, Inc., a wholly-owned subsidiary of Paulson
Capital Corp. (NASDAQ: PLCC), today announced its completion of an initial
public offering for Converted Organics Inc. (NASDAQ: COIN) (NASDAQ: COINU)
(NASDAQ: COINW) (NASDAQ: COINZ), raising gross proceeds of $9,900,000. The
offering consisted of 1.8 million units of one share of common stock, one
redeemable Class A warrant, one non-redeemable Class B warrant and a 5%
quarterly common stock dividend payable until its initial facility in
Woodbridge, New Jersey commences commercial operations. Converted Organics'
units began trading Tuesday,February 13 on the Nasdaq Capital Market under
the
symbol "COINU."
Registration statements relating to these securities were filed and
declared
effective by the Securities and Exchange Commission. This press release
shall
not constitute an offer to sell or a solicitation of an offer to buy, nor
shall
there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification
under the securities laws of any such state. Offers may only be made by
means of
a written prospectus. A copy of the final prospectus relating to the
offering
may be obtained from: Paulson Investment Company, Inc., 811 SW Naito
Parkway,
Suite 200, Portland, Oregon, 97204.
Converted Organics reported earlier today that it has closed on the
relatedtax-exempt New Jersey Economic Development Authority Solid Waste
Revenue
Bond deal in the principal amount of $17.5 million. The proceeds of the
bonds
will be used to develop and construct the Company's initial facility in
Woodbridge, New Jersey. The 20-year bonds will bear interest at 8.0%
annually
and will be secured by a corporate guarantee by Converted Organics Inc., a
leasehold mortgage, and a first lien on equipment and other assets at the
New
Jersey facility in favor of the bondholders. The borrower under the bond
issue
will be Converted Organics of Woodbridge, LLC, a wholly-owned New Jersey
limited
liability subsidiary of Converted Organics, Inc. The subsidiary will
develop and
operate the New Jersey facility.
About Converted Organics Inc.
Converted Organics is dedicated to producing a valuable organic
biostimulant
(a natural soil amendment fertilizing product) through food waste
recycling. The
Company uses proven, state-of-the-art technologies to create a product that
helps grow healthier food and improve environmental quality. Converted
Organics
intends to make a point of ensuring that its projects bring real benefits
to the
communities in which it operates.
Overuse of chemical fertilizers in modern agriculture contributes to
several
environmental problems. Chemical fertilizers deplete the overall health of
soil,
which reduces a plant's ability to absorb nutrients. Over time, more
fertilizer
is required just to maintain growth rates. As a result, large quantities of
chemical fertilizer are not absorbed and run off into streams and rivers or
leach into groundwater. Converted Organics' biostimulants offer farmers an
environmentally-friendly alternative to chemical fertilizers that prevents
water
pollution and increases soil health. Use of these biostimulants has been
proven
to increase crop yields while substantially reducing the costs and impacts
of
pesticide and chemical fertilizer use. Converted Organics' biostimulants
are
produced without any of the chemicals that typically go into the
manufacture of
fertilizer.
The Converted Organics process relies on the same principles that are
used to
compost food waste. The process uses oxygen, heat, and microbes placed into
a
closed, carefully monitored tank, to digest food wastes and produce an all
natural product. The process uses state of the art odor control technology
and
does not produce gases that occur using anaerobic processes. The process
creates
the perfect environment for digesting the food waste and converts waste
into a
useful product in a matter of days.
About Paulson Capital Corp.
Paulson Capital Corp. is the parent company to Paulson Investment
Company,
Inc. Located in Portland, Oregon, Paulson Investment Company is the
Northwest's
largest independent brokerage firm and a national leader in public
offerings of
small and emerging growth companies with capital needs of $5 million to $45
million. Founded by Chet Paulson in 1970, it has managed or underwritten
more
than 150 public offerings and has generated more than $1 billion for client
companies.
This release may contain "forward-looking statements" based on current
expectations but involving known and unknown risks and uncertainties.
Actual
results of achievements may be materially different from those expressed or
implied. The Company's plan and objectives are based on judgments with
respect
to future conditions in the securities markets as well as general
assumptions
regarding the economy and competitive environment in the securities
industry,
which can be volatile and out of our control. In particular, we make
assumptions
about our ability to complete corporate finance transactions and increase
the
volume and size of our securities trading operations, which are difficult
or
impossible to predict accurately and often beyond the control of the
Company.
Therefore, there can be no assurance that any forward-looking statement
will
prove to be accurate.
FOR MORE INFORMATION, PLEASE CONTACT:
Dodi Handy
President and CEO
Elite Financial Communications Group
407-585-1080
or via email at plcc@efcg.net