Dial Thru receives extension on $2.15 million convertible note

By Sheri Kasprzak

New York, July 26 - Dial Thru International Corp. said it holders of its 10% convertible note from October 2001 have agreed to extend the maturity of the financing.

The note, which was issued with a principal amount of $2,148,390 on Oct. 24, 2001, will now mature on Feb. 29, 2008. It had initially been due on Feb. 24, 2004.

For the extension, John Jenkins, the company's chief executive officer and holder of the note, received warrants for 580,000 shares, exercisable at $0.16 each through July 21, 2010.

The company also received extensions on the maturities of two $100,000 notes, which had been issued to Larry Vierra, a director of Dial Thru, and the company's chief financial officer, Allen Sciarillo. The maturity of those notes will also be Feb. 29, 2008, moved from the original Feb. 24, 2004 maturity. Both Vierra and Sciarillo received warrants for 30,000 shares each, exercisable at $0.16 each through July 21, 2010.

Based in Los Angeles, Dial Thru provides telecommunications services to customers mainly in Europe and Asia. Its stock dropped $0.06, or 24%, to close at $0.19 Tuesday.

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