Arkados receives extension on $1.06 million in convertible notes

By Sheri Kasprzak

New York, July 12 - Arkados Group Inc. extended the maturity on $1,066,500 in subordinated convertible notes.

The notes will now be due June 30, 2008 instead of July 7, 2007.

The company received approval from two-thirds of the holders of the notes.

In exchange for the amendment, the investors received warrants for 188,200 shares, exercisable at $0.85 each for three years, and the conversion price was lowered to $0.85 each.

Based in Piscataway, N.J., Arkados is a fabless semiconductor manufacturer.

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