Absolute Life Solutions Inc. says it has brought in about $26 million by selling convertible preferred stock through a private placement.

Absolute, New York (OTC Bulletin Board:ALSO.ob), says the preferred stock shares come with two attached warrants and pay a rate of 12.5%.

The company hopes to raise a total of $60 million.

The chief executive officer of the company is Moshe Oratz.

- Allison Bell