Ecotality revises 8% convertible debentures

By Devika Patel

Knoxville, Tenn., March 10 - Ecotality Inc. amended the terms of its 8% convertible debentures on March 5, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The amendment takes effect retroactively on Jan. 1.

The debentures affected are the 8% senior secured convertible debentures, which were issued in November 2007, and the 8% secured convertible debentures, which were issued in December 2007.

The debentures are held by Enable Growth Partners LP, Enable Opportunity Partners LP, Pierce Diversified Strategy Master Fund LLC, Ena and BridgePointe Master Find Ltd.

Most notably, the agreement defers interest payments due for the first quarter and monthly principal redemption payments until May 1.

The agreement also lowers the debentures' conversion price to $0.06.

In addition, the company will issue pro-rata warrants so that the investors may maintain a collective 50.4% equity position in the company.

Ecotality is a renewable energy company in Scottsdale, Ariz.

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