Innofone allegedly defaults on $1 million note due September 2007

By Sheri Kasprzak

New York, July 3 - Innofone.com, Inc. allegedly defaulted on a $1 million note issued in January, and the noteholder is now demanding payment in full, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

Lakewood Group, LLC, the noteholder, is demanding that Alex Lightman, Innofone's chief executive officer, pay the note in full immediately.

Lightman, according to the SEC filing, is responsible for the note because he guaranteed the note.

Lightman pledged 4 million of his own shares in Innofone as security for the notes, which were issued in January 2007.

The notes are due September 2007.

Based in Santa Monica, Calif., Innofone.com develops internet protocol version 6 technologies used to upgrade the existing internet.

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