By Sheri Kasprzak
New York, Aug. 16 - NCT Group, Inc. said it has issued a convertible note for $18,681,625.40 to settle a default under two notes from February 2005.
The note, which was issued to investor Carole Salkind, includes a total of $16,386.793.78 in principal rolled over from the two notes plus interest at a default rate of 10%.
The new note bears interest at 8% annually, matures in six months and is convertible into a total of 1,868,162,540 common shares at $0.01 each.
The notes upon which the company defaulted were issued on Feb. 9, 2005.
Salkind received warrants for 307,750,000 shares, exercisable at $0.01 each for five years.
Based in Westport, Conn., NCT develops products to reduce noise for companies in the media and entertainment industries.
| Issuer: | NCT Group, Inc.
|
| Issue: | Convertible note
|
| Amount: | $18,681,625
|
| Maturity: | Six months
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $0.01
|
| Conversion ratio: | Into 1,868,162,540 common shares
|
| Warrants: | For 307,750,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.01
|
| Investor: | Carole Salkind
|
| Settlement date: | Aug. 10
|
| Stock price: | $0.01 at close Aug. 10
|
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