Converted Organics (COIN) Announces Settlement Agreement with Armistead Mechanical
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Converted Organics Inc. (NASDAQ: COIN) has come to a settlement agreement with construction vendor Armistead Mechanical, Inc. The settlement agreement with Armistead is the final of five settlement agreements reached over the past several months with construction vendors that had filed construction lien claims against Converted Organics related to the construction of the Company's facility in Woodbridge, New Jersey.
According to terms of the settlement agreement, the construction lien claim and related lawsuit filed by Armistead against Converted Organics will be suspended during the 18-month payment period and will be rescinded completely upon final payment by May 1, 2011.
"Converted Organics is very pleased to have reached a settlement with the last of our construction vendors, and to have this issue behind us," said Edward J. Gildea, President of Converted Organics. "We will continue to move forward with our manufacturing and sales efforts as we plan for the upcoming 2010 growing season."
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