Dais Analytic defaults on $2.5 million of convertible promissory notes

Company defaults by failing to pay off notes held by Platinum-Montaur

By Devika Patel

Knoxville, Tenn., May 24 - Dais Analytic Corp. is in default with respect to its $2.5 million of 10% convertible notes, according to an 8-K filed Thursday with the Securities and Exchange Commission.

On May 18, the company was notified by investor Platinum-Montaur Life Sciences, LLC that Dais had defaulted on its $1 million convertible promissory notes and its $1.5 million secured convertible promissory note, both dated March 22.

The company reported that it failed to pay the notes' principal and interest at maturity, which was May 7. It said it may cure the default within 15 days of receiving the default notice. If Dais fails to satisfy the payment or renegotiate the notes' terms, the investor may demand payment.

The secured note is secured by an interest in some of the company's intellectual property.

Dais, based in Odessa, Fla., provides nanotechnology-based applications for heating and cooling, water treatment and energy storage.

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