Micro Component reduces conversion price on $2.14 million in notes

By Sheri Kasprzak

New York, Sept. 7 - Micro Component Technology, Inc. has dropped the conversion price on $2,135,000 in notes.

The price will be reduced to $0.29 from $1.00 for holders who agreed to convert their notes by Aug. 31, 2006.

The company issued 7,362,069 shares in the conversion on Aug. 31.

Also, Laurus Master Fund, Ltd. agreed to not sell any shares of Micro Component before Jan. 1, 2007. For the agreement, Laurus received 1.2 million shares of Micro Component.

The 10% notes were originally issued on Dec. 24, 2001 in principal of $10 million. The original conversion price on the notes was $2.60 but was reduced in 2005 to $1.00.

Micro Component, based in St. Paul, Minn., manufactures test-handling products for the semiconductor industry.

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