EcoSystem won't settle $76.62 million placement of series E preferreds

By Devika Patel

Knoxville, Tenn., June 2 - EcoSystem Corp. terminated its $76.62 million private placement of series E preferred shares on April 15, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The deal was negotiated on July 24, 2009 with investors Copperbottom Investments, Ltd., Absentia Holdings, Ltd., On Time Investments, Ltd., Agri-Technologies, Ltd. and Britannia Securities International, Ltd.

The preferreds and warrants issued in the sale have been cancelled. The company is required to issue 625,000 common shares to each of the investors.

New York's EcoSystem develops industrial-scale applications of bioreactor technology that are designed to resolve ecological challenges while producing carbon neutral products.

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