Vertical Branding defers payments on convertibles

By Devika Patel

Knoxville, Tenn., Dec. 4 - Vertical Branding, Inc. has deferred a principal payment of $581,000 due on its $2.3 million of subordinated secured convertible notes, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The payment has been deferred until Jan. 5.

Gottbetter Capital Master Ltd., the holder of the notes, received a warrant for 115,000 shares, exercisable at $0.11 per share, for agreeing to allow the company to defer the payments, which were due from August through December.

Vertical Branding is a consumer products company based in Encino, Calif.

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