Converted Organics repays $1.54 million convertible promissory note

By Marisa Wong

Milwaukee, Oct. 21 - Converted Organics Inc. announced it has repaid its $1.54 million principal amount secured convertible promissory note.

Converted Organics took in $1.4 million in a private placement of the original discount convertible note with Iroquois Master Fund Ltd. on Sept. 8.

The $1.54 million note was convertible into common stock at $1.54 per share. The maturity of the note was March 14, 2010. Iroquois also received 2.5 million five-year warrants, with a current exercise price of $1.08.

As a result of the early repayment of the note, the security interests in the assets of the company and the subsidiary guaranty agreements have all been released.

Converted Organics, based in Boston, produces all-natural, organic soil amendment and fertilizer products through food waste recycling.

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