eMagin defers maturity date on $6.02 million in convertible notes

By Sheri Kasprzak

New York, July 25 - eMagin Corp. has deferred the maturity date on its 6% convertible notes issued in June 2006.

The notes will now be due Dec. 21, 2008, pushed back from July 23, 2007 and Jan. 1, 2008.

The amended notes also eliminate $1.2 million in penalty interest related to the company's move to the Over-the-Counter Bulletin Board.

The notes originally convertible at $2.60 each will now be convertible at $0.75 each.

Also, 1.55 million in warrants issued along with the original notes will be repriced to $1.03. The company has also issued 3.83 million additional warrants, exercisable at $1.03 each.

Based in Bellevue, Wash., eMagin develops micro-display technology and personal display systems.

The company's stock remained unchanged at $1.28 (OTCBB: EMAN).

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