Micro Component amends agreement for notes sold to Laurus

By Devika Patel

Knoxville, Tenn., Dec. 12 - Micro Component Technology Inc. amended its agreement with Laurus Master Fund, Ltd. in regards to the $11,089,000 in notes the company sold to Laurus, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The new agreement extends the notes' maturity to Sept. 30, 2009 from February 2008.

The agreement also extends the $5.25 million term note's principal payment deadline to Jan. 1, 2009 and reduces the monthly principal payments to $44,000 per month from $87,500 per month.

In consideration for the extension, the company issued to Laurus a 10-year warrant to purchase 3.5 million common shares exercisable at $0.01 per share.

Laurus also agreed not to sell any of the shares it acquired from the 3.5 million share warrant or the 5 million share warrant it received as part of the March 2007 refinancing until Jan. 1, 2009. When it does sell the stock, Laurus also agreed that the sales will not exceed 20% of the total number of the company's shares sold on that day.

Micro Component, based in St. Paul, Minn., manufactures test-handling products for the semiconductor industry.

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