Drinks Americas extends maturity date of $35,000 8% convertible note

Conversion price will now be 35% of lowest historical price of stock

By Devika Patel

Knoxville, Tenn., Aug. 15 - Drinks Americas Holdings, Inc. amended the terms of its $35,000 8% convertible unsecured promissory note on Aug. 9, according to an 8-K filed Thursday with the Securities and Exchange Commission. IBC Funds LLC, the investor, has agreed to waive any existing or prior defaults on the notes.

The notes' maturity was extended to May 1, 2014 from May 1, 2013. In addition, the note's conversion price was revised to 35% of the lowest historical traded price of the common stock.

Located in Los Angeles, Drinks Americas distributes alcoholic and non-alcoholic beverages.

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