American TonerServ holders OK conversion of all series C preferreds

By Laura Lutz

Des Moines, Oct. 17 - American TonerServ Corp. converted all of its series C convertible preferreds after receiving consents from a majority of holders, according to an 8-K filing with the Securities and Exchange Commission.

The preferreds carried a provision that they would automatically be converted upon the approval of the holders of a majority of the preferreds.

A total of 19,528,560 common shares were issued in exchange for the preferreds.

The company issued 371,083 of the preferred shares in a $1.11 million private placement on Feb. 13, 2007.

Based in Santa Rosa, Calif., American TonerServ re-distributes printer toner cartridges.

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