Huifeng amends terms of $2 million 10% convertible promissory notes

By Devika Patel

Knoxville, Tenn., Feb. 3 - Huifeng Bio-Pharmaceutical Technology, Inc. revised the terms of its $2 million 10% convertible promissory notes, effective Dec. 22, 2009, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

Under the new terms, the maturity date of the notes has been extended to June 30, 2011 from Dec. 30, 2009.

The company also revised the repayment schedule and adjusted the conversion rate to $0.80 from $1.00. It the reduced the strike price of the related warrants was to $1.00 from $1.50 and extended their maturity by one year to Dec. 31, 2011.

Based in Xi'an, China, Huifeng produces raw materials for pharmaceutical, neutraceutical and food production.

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