Hydrogen Power announces default under convertible promissory notes

By Laura Lutz

Des Moines, Aug. 10 - Hydrogen Power, Inc. is in default under convertible promissory notes issued in March 2004, according to an 8-K filing with the Securities and Exchange Commission.

The company missed a required payment of about $149,000 in August and is not in compliance with a requirement to maintain cash balances of 140% of the outstanding principal amount, according to the filing.

On Aug. 6, the company received a default notice from noteholders Pandora Select Partners LP and Whitebox Hedged High Yield Partners LP.

The company said in the filing that it owed $913,092.41 to the lenders as of Aug. 3.

The lenders have also demanded delivery of the original stock certificate for 3.5 million common shares of FastFunds Financial Corp. under the terms of a stock pledge agreement from Sept. 15, 2005.

Seattle-based Hydrogen Power makes technology for producing hydrogen.

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