Investor alleges DataLogic International defaulted on $2.94 million in notes

By Sheri Kasprzak

New York, Sept. 11 - DataLogic International, Inc. has allegedly defaulted on $2,940,476 in principal of notes held by Laurus Master Fund, Ltd.

Laurus alleged the event of a default, according to an 8-K filed Monday by DataLogic with the Securities and Exchange Commission. So far, the investor has not specified an event of default.

However, the company said it believes the event of default may have occurred with the 8-K it filed on Sept. 1, claiming it does not have sufficient funds to repay some of its debt.

"The company has inquired with Laurus as to the nature of default," said the 8-K filed Monday. "Laurus has not sent DLGI a reply on the nature of default or a notice of acceleration."

The notes, refinanced on Jan. 25, are due Dec. 31, 2007 and bear interest at Prime rate plus 200 basis points with an 8% floor. The notes are not convertible.

Based in Irvine, Calif., DataLogic develops global positioning system-based mobile asset tracking used by governmental agencies and commercial concerns.

The company's stock fell by $0.004 on Monday to close at $0.044 (OTCBB: DLGI).

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