Prospector
Profile
07.1653
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| VeruTEK Technologies, Inc. |
NAICS |
562910 |
| 65 West Dudley Town Road, Suite 100
Bloomfield, CT 06002 |
Description |
Remediation Services |
| (860) 242-9800 |
Employees |
12 |
| http://www.verutek.com/ |
Revenue |
(mil) |
0.2770 |
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Income |
(mil) |
-1.0850 |
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Assets |
(mil) |
0.5580 |
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Liability |
(mil) |
2.0080 |
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(for the year ended 2007-03-31) |
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Category:
Default
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Event:
On May 8, 2007, VeruTEK Technologies, Inc. issued $1.685 million of 6% secured convertible notes and warrants, which will be convertible under certain conditions into shares of the Company’s common stock. However, the Company is not in compliance with certain provisions of the Term Note and thus is in default. As a result, the stated interest rates for the Term Note may be increased and repayment of the Term Note may be subject to acceleration. Should the Company’s bank choose to accelerate the Term Note, all interest and principal would become due and payable immediately. The Term Note has been classified as a current liability for the period ended September 30, 2007.
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Intellectual Property:
The Company has developed several new, patentable technologies that will change the nature of the environmental remediation market at complex waste sites. By combining surfactant and oxidant chemistries, it has invented a proprietary controlled dissolution and desorption process with concomitant biological or chemical destruction processes. The Company has implemented an aggressive patent program to ensure that intellectual property rights are maintained. A provisional patent that acts as an umbrella for all S-ISCO technology was applied for in April 2006 and final patents were applied for in March of 2007. [SEC Filing SB-2 07-19-07]
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Description:
The Company provides environmental solutions for various environmental problems.
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Officers:
John Collins (Pres. & CEO); George Hoag (SVP); Michael Vagnini (CFO)
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Auditor:
Carlin Charron & Rosen LLP
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Securities:
Common Stock-Symbol VTKT.OB; OTC BB;
21,784,175 common shares outstanding as of October 23, 2007.
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