Tennessee-based Diversified Product Inspections Inc., a provider of independent product failure analysis, air contamination and fire investigations for the insurance industry, announced that the company’s outstanding stock increased to 19 million shares following the decision of EIG Venture Capital Ltd. (EIG) to convert its debt, in the form of a convertible debenture issued in 2003, to stock.
John VanZyll, president and CEO, stated, “This increase in stock was due to the conversion of a convertible issued in 2003 by EIG Venture Capital Ltd., a major stockholder in the company, EIG is part of the EIG group of companies and has been involved in corporate financing in the U.S. since 1997. The effect on the balance sheet of DPI is to reduce debt and increase equity.”
Jan Telander, president of EIG, commented, “We see a great potential in DPI and the possibility to expand its current operations and we will take an active role in developing DPI and its business.”
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