MicroIslet alters agreement of 6% convertible promissory notes sold to private trust

By Devika Patel

Knoxville, Tenn., April 8 - MicroIslet, Inc. amended its agreement with the private trust which holds $1.5 million of the company's subordinated convertible unsecured revolving promissory notes due May 31 and warrants for 1 million common shares, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The company also completed a $600,000 private placement of promissory notes.

According to the filing, MicroIslet and the trust agreed, on April 2, to increase the maximum amount of notes the company may sell to the trust to $4.5 million from $2.5 million.

Ronald Katz, the chairman of MicroIslet, is a co-trustee of the private trust. The beneficiaries of the trust are not affiliated with Katz.

The company also said in the filing it borrowed $600,000 from two investors on April 2 and April 4. The investors received similar promissory notes and warrants for 240,000 common shares, which both have the same terms as the notes and warrants issued to the trust.

MicroIslet is a San Diego-based biotechnology company.

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