FNDS3000 extends maturity date of convertible note sold to Sherington

By Devika Patel

Knoxville, Tenn., March 19 - FNDS3000 Corp. amended a secured 10% convertible promissory note it sold to Sherington Holdings, LLC on Oct. 31, 2008 and amended on Dec. 1, 2008, according to an 8-K filed Friday with the Securities and Exchange Commission.

Under the Feb. 28 amendment, the $1 million note's maturity was extended to March 31, 2010 from Feb. 28, 2010. The company previously amended the note to increase its principal to $1 million from $320,000.

The company was in default under the note, as previously reported. A default occurred when the company failed to meet a target that required it to sell at least 150,000 debit cards in South Africa by July 31, 2009 and 100,000 by Sept. 30, 2009. The company subsequently negotiated a forbearance agreement with the investor.

The public financial transaction processing company is based in Ponte Vedra Beach, Fla.

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