Sequiam approved to delay convertible note payments to Laurus until May 2005

By Ted A. Knutson

Washington, Nov. 3 - Sequiam Corp. said Wednesday it has reached an agreement with Laurus Master Fund, Ltd. to delay paying any principal and interest on a senior convertible term note until May 2, 2005.

After that date, Sequiam will pay Laurus $75,758 per month with any accrued and unpaid interest until maturity.

Sequiam issued to Laurus a warrant for 470,000 shares at an exercise price of $0.33 per share in place of $49,333.33 of unpaid fees due because the company did not have a registration statement declared effective by the Securities and Exchange Commission by Aug. 30, 2004.

The agreement also waives a technical default.

The Sequiam agreement with Laurus also decreases the fixed conversion price of the notes to 33 cents per share from 66 cents per share.

Orlando, Fla.-based Sequiam is a web hosting services company.

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