Visualant extends due date of three promissory notes totaling $800,000

Company extends maturity of notes to June 2016, keeps interest at 3%

By Marisa Wong

Morgantown, W.Va., May 2 – Visualant, Inc. entered into amendments to two demand promissory notes, totaling $600,000, and a note payable for $200,000 to extend the due date, according to an 8-K filing with the Securities and Exchange Commission.

Specifically, the amendments extend the due date to June 30, 2016 from March 31, 2016.

The amendments also continue to provide for interest at 3% per year and a second lien on company assets if the notes are not repaid by June 30 or converted into convertible debentures or equity.

The $200,000 promissory note is related to the Umpqua Bank business loan agreement with the company’s chief executive officer, Ronald P. Erickson.

The company entered into the amendments on April 29.

Seattle-based Visualant develops security and authentication systems technology.

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