| BIOTA Seeks a White Knight to Stave Off Foreclosure |
|
Time will run out for Ouray-based BIOTA Brands of America on April 18 if the financially troubled water bottling plant, which produces the world’s first biodegradable bottle, does not obtain a cash infusion or partnership arrangement from a “green knight” to stave off a $7.5-million-dollar foreclosure. A court ruling that nudged the fledgling firm into receivership on Feb.15 followed closely by a “notice of election and demand for sale for the purpose of paying the indebtedness” filed on March 5 by UPS Capital Business Credit, has brought BIOTA to a moment of truth: Can an attractive product that could provide a desirable alternative to oil-based plastic water bottles now save its investors under a financially difficult set of circumstances? According to David Zutler, spokesperson and co-owner of the company which began operations in 2004, the answer is a resounding “yes.” Click here to read the full article: http://www.telluridewatch.com/031307/biota.html Bookmark this page!      |
Be the first to know!
