netGuru gets extension on filing date for registration statement on convertible note

By Sheri Kasprzak

New York, July 5 - netGuru, Inc. said Laurus Master Fund, Ltd. has agreed to extend the effectiveness deadline on a convertible note netGuru issued to Laurus in 2004.

Under the terms of the original agreement, netGuru was required to file the registration statement by Jan. 22 and required to obtain an effectiveness of that registration statement by May 22.

Laurus has agreed to waive the initial filing date provided netGuru files an initial registration statement by Sept. 1. Each additional registration statement needed in the future must be filed no later than 30 days following the applicable date, according to the amendment.

netGuru has paid $10,000 in damages for the delay in having the registration statement declared effective.

netGuru sold the $1 million convertible promissory note to Laurus on Dec. 23, 2004. The note is due Dec. 23, 2007 and accrues interest at the greater of Prime plus 100 basis points or 5%.

Based in Yorba Linda, Calif., netGuru produces a software guide to internet technology services. The company's stock closed up $0.136 at $0.1086 Tuesday.

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