VeruTEK Receives$2M from Private Placement Offering
Clean technology company VeruTEK Technologies Inc. reports it has raised $2 million through a private placement of stock.
Bloomfield, Conn.-based VeruTEK says it will use the bulk of the money to repay outstanding promissory notes, which will leave the company debt free. The remaining funds will be used for working capital.
While VeruTEK did not release the names of the stock buyers, the company said its “most significant shareholders” were involved in the private placement.
VeruTEK makes proprietary green technology products and technologies that remediate toxic and harmful effects of chemicals present in the environment. The technology is based on VeruTEK’s Surfactant-Enhanced In Situ Chemical Oxidation (S-ISCO), in which proprietary oxidising chemicals are injected into contaminated soil to neutralize hazardous organic compounds.
Late last month, VeruTEK, which trades on the Pink Sheets as VTKT.PK, filed to suspend its reporting activity with the U.S. Securities and Exchange Commission. As of December, the company listed 19 employees. In a recent filing with the SEC, VeruTEK noted that Keyspan Corporate Services LLC and an unnamed state agency accounted for 46 percent of the company’s revenue in 2008.
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