Organitech to close $3 million stock offering

By Sheri Kasprzak

New York, Feb. 7 - Organitech USA Inc. is gearing up to close a $3 million private placement with Keren Katzir Debenture for Investment Ltd., an Israeli investment company.

Katzir will buy 30% of the company's fully diluted share capital and will also receive a number of warrants to purchase shares to ensure that Katzir's post-closing shareholding will be maintained.

The exact terms of the offering could not be determined Wednesday.

Proceeds will be used for marketing.

Based in Yokneam, Israel, Organitech develops hydroponics factories and hydroponics greenhouses to grow lettuce, leafy vegetables, herbs and other plants.

The stock closed unchanged at $0.24 Wednesday (Pink Sheets: ORGT).

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