Adama Technologies' CEO to Convert Debt Into Common Stock
NEW YORK, May 25, 2011 /PRNewswire-FirstCall/ -- Adama Technologies Corp. (OTCBB: ADAC), a clean-tech company, today announced that Aviram Malik, the company's CEO, will convert his entire debt into common shares.
The debts have been created during the last two years of out-of-pocket financing by the CEO to establish a steady cashflow for the company's operations and to avoid unnecessary dilution to the company's shareholders.
The conversion rate will be $0.015 a share and will be converted in the upcoming weeks. The shares will be restricted under SEC regulation 144.
"The conversion of the debt shows good faith that the sale of the rights of our project should proceed as expected. It's a perfect time to increase my holding in the company," said Malik.
About Adama Technologies Corp.
Adama Technologies Corp. has decided to dedicate its time, abilities and means to the development of clean tech projects in various fields.
Forward-Looking Statements
This letter contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of Adama Technologies Corp., and its technologies. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release, as actual results may differ materially from those indicated in the forward-looking statements. Adama Technologies' public filings may be viewed at http://www.sec.gov.
Contact: Aviram Malik, CEO Tel +972-54-2664031 [email protected] http://www.adama-tech.com
SOURCE Adama Technologies Corporation
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