Cistera in default on 8% convertible notes issued in 2007 placement

By Devika Patel

Knoxville, Tenn., April 9 - Cistera Networks, Inc. is in default on approximately $1.14 million in 8% convertible promissory notes, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The notes were issued in an April 2007 private placement.

The notes' interest rate has been boosted to 18% as a result of the default, and interest will continue to accrue at this rate until the company pays off all principal and interest owed under the notes.

The company said it has been in discussions with potential investors to raise additional capital.

Cistera, based in Dallas, develops language-based application software used to integrate voice, video and data into internet protocol infrastructure.

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