FusionTech defaults on $1.1 million of its 8% senior convertible notes

Company sold promissory notes March 9 as part of a private placement

By Devika Patel

Knoxville, Tenn., March 31 - FusionTech Inc. is in default on $1.1 million of its 8% senior convertible promissory notes, according to an 8-K filed Thursday with the Securities and Exchange Commission. The company sold the notes on March 9 as part of a $3.6 million private placement and failed to pay the principal and interest due on Sept. 6.

FusionTech now owes $1.14 million on the notes.

Based in Changchun, Nev., FusionTech makes clean technology industrial machinery used in the coking process.

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