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Microcap & Penny Stocks : Computerized Thermal Imaging CIO (formerly COII) -- Ignore unavailable to you. Want to Upgrade?

To: peter michaelson who wrote (4428)	6/27/2000 2:51:00 AM
From: peter michaelson	Read Replies (1) \| Respond to of 6039

On February 28, 1996 the Company accepted a "Personal Note - Secured" (the"Note") in the principal amount of $525,000 from Daron Dillia doing business as Manhattan Financial Group ("MFG") in exchange for the issuance of 525,000 units (one unit = one share of the Common Stock and one warrant) offered by the Company in conjunction with its Private Placement Memorandum dated November 13, 1995. The Note matured on February 28, 1997 and interest has been accruing on he outstanding amount due since such date at a rate of nine percent per annum. The terms of the Note also provide that the amount due will be secured by the 525,000 units issued to MFG which shall be held by the Company until the Note is Paid in full. Pursuant to an agreement between MFG and Benjamin W. and Nancy L.Anderson which was incorporated into the terms of the Note (the "CollateralGuarantee"), the Andersons' pledged 500,000 shares of the Common Stock and 200,000 units as additional security under the Note. As consideration under the Collateral Guarantee, MFG agreed to transfer 200,000 shares of the Common Stock from the 525,000 units acquired pursuant to the Note to the Andersons. That ain't workin' - money for nothing