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Last $0.08 USD
Change Today 0.00 / 0.00%
Volume 900.0
As of 8:10 PM 03/31/15 All times are local (Market data is delayed by at least 15 minutes).

visualant inc (VSUL) Key Developments

Visualant, Inc. Presents at 27th Annual ROTH Conference, Mar-11-2015 10:30 AM

Visualant, Inc. Presents at 27th Annual ROTH Conference, Mar-11-2015 10:30 AM. Venue: The Ritz Carlton, 1 Ritz Carlton Dr, Dana Point, CA 92629, United States. Speakers: Ronald P. Erickson, Founder, Chairman, Chief Executive Officer, President and Chairman of Nominations & Governance Committee.

Visualant, Inc. Announces Board Changes

On January 30, 2015, the Board of Directors of Visualant, Inc. appointed Ronald P. Erickson as Chairman of the Board effective February 1, 2015. Mr. Erickson has been a director and officer of the company since April 24, 2003. He was appointed to the positions of CEO and President on November 10, 2009. Previously, Mr. Erickson was its founder and was appointed President and Chief Executive Officer of the company on September 29, 2003, and resigned from these positions on August 31, 2004. Mr. Erickson was Chairman of the Board from August 31, 2004 until May 2011. On January 30, 2015, the Board of Directors approved the resignation of Marco Hegyi as Chairman of the Board, an independent director, Chairman of the Audit and Compensation Committees and a member of the Nominations and Governance Committee effective February 1, 2015. Mr. Hegyi had no disagreement with the company on any matter relating to the registrant’s operations, policies or practices.

Visualant, Inc. Announces Amendment to Promissory Notes

On December 31, 2014, Visualant, Inc. entered into an amendment to demand promissory note for $300,000 with Mr. Erickson, Chief Executive Officer and/or entities in which Mr. Erickson has a beneficial interest. The December 31, 2014 amendment to demand promissory note for $300,000 provides for interest of 3% per annum and is due March 31, 2015. The note amendment to demand promissory note provides for a second lien on company assets if not repaid by March 31, 2015 or converted into convertible debentures or equity on terms acceptable to the Holder. On December 31, 2014, the company entered into an amendment 2 to demand promissory note dated March 31, 2014 and as Amended on July 17, 2014 with Mr. Erickson, Chief Executive Officer and/or entities in which Mr. Erickson has a beneficial interest. The amendment 2 to demand promissory note for $300,000 extended the due date of this from September 30, 2014 to March 31, 2015. The note provides for interest of 3% per annum and provides for a second lien on company assets if not repaid by March 31, 2015 or converted into convertible debentures or equity on terms acceptable to the holder. On December 31, 2014, the Company entered into an amendment 3 to the demand promissory note dated January 10, 2014 and as Amended on March 31, 2014 and July 17, 2014 with Mr. Erickson, Chief Executive Officer and/or entities in which Mr. Erickson has a beneficial interest. The amendment 3 to the demand promissory note for $200,000 extended the due date from September 30, 2014 to March 31, 2015. The note provides for interest of 3% per annum and provides for a second lien on company assets if not repaid by March 31, 2015 or converted into convertible debentures or equity on terms acceptable to the Holder. On December 19, 2013, the company entered into a $200,000 note payable with Umpqua Bank. The note payable has a maturity date of December 31, 2014 and provided for interest of 2.79%, subject to adjustment annually. This Note Payable maturity date was extended to December 31, 2015 and provides for interest at 3.25%.

Visualant, Inc. announced delayed annual 10-K filing

On 12/29/2014, Visualant, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC.

Visualant, Inc. Announces the Resignation of Richard Mander as Chief Technology Officer

Visualant, Inc. On November 7, 2014, Visualant, Inc. accepted the resignation of Dr. Richard Mander as Chief Technology Officer. The company expects to utilize Mr. Mander on a consulting basis.

 

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TEV/Sales 1.4x
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