EnterConnect amends convertible notes

By Devika Patel

Knoxville, Tenn., Dec. 19 - EnterConnect, Inc. revised the terms of its senior secured convertible notes on Dec. 17, according to an 8-K filed Friday with the Securities and Exchange Commission.

Under the new terms, the optional redemption date was extended to June 20, 2009 from Dec. 20 and the conversion price was decreased to $0.10 per share from $0.60 per share.

In addition, the company negotiated a new optional redemption prior to the optional redemption date and the note holders waived any adjustment to the number of shares issuable upon exercise of the warrants that would occur as a result of the exercise price adjustment and waived any defaults that may have occurred when the company failed to have a registration statement declared effective by the additional effectiveness deadline.

Based in San Jose, Calif., EnterConnect produces portal software for businesses.

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