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Technology Stocks : Preference Technologies
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To: afrayem onigwecher who wrote (313)12/26/2000 8:31:30 PM
From: StockDung   of 460
 
Coal in your stocking?

NOTE 6 - NOTES PAYABLE-SENIOR CONVERTIBLE SECURED PROMISSORY NOTES
On August 1, 2000, the Company secured a Senior Secured Convertible
Promissory Note for $500,000 from Wall & Broad Securities. This is part of
a $3,500,000 Convertible Note currently being negotiated. It is anticipated
that the Convertible Note will be rolled over into a potential permanent
equity arrangement via a private placement offering. This Note bears an
interest rate of 12% per annum, secured by the business and intellectual
property of the Company (convertible into shares of the company equaling
25% of the fully diluted total shares of the company, upon default, at the
Lenders option). The Notes matures on September 30, 2000. The Note also
carries two 45 day extensions as is included within a Credit Agreement
dated August 1, 2000. The Note is in default as conditions have not been
met to secure the initial 45 day extension. tenkwizard.com
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