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In addition, as a part of the sale agreement, Inventages converted USD10.0m of existing notes into common stock of the company. The maturity date of the USSD3.0m note, which was issued to Inventages on 2 December 2008, has also been extended until 17 March 2010, to coincide with the maturity date of the current USD5.0m secured convertible promissory note. Also, as a part of the agreement, effective 19 February 2009, four members of the seven person board of directors of Organic To Go, Dave Smith, Roy Bingham, Peter Meehan and Douglas Lioon, have resigned. The directors remaining on the board are Jason Brown, Hass Hassan and Dr Gunnar Weikert. Dr Wolfgang Reichenberger has been appointed to the board, effective immediately. Dr Reichenberger is currently a partner of Inventages Whealth Management Inc. Prior to that he served as chief financial officer of Nestle. He has also held several senior level management positions in operations in the US, Asia, and South America in his 29 year career at Nestle. Comments on this story may be sent to admin@m2.com For full details for OTGO click here.
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