New Issue: Lee Lee Oriental issues $15.2 million 5% promissory note

By Wendy Van Sickle

Columbus, Ohio, April 10 – Lee Lee Oriental Supermart, Inc. issued to Meng Truong and Paulina Truong a $15.2 million secured promissory note in a private placement on April 8, according to an 8-K filing with the Securities and Exchange Commission.

Meng Truong and Paulina Truong sold Lee Lee Oriental Supermart to AZLL, LLC, a wholly owned subsidiary of Maison Solutions Inc., on April 4 for a purchase price of $22.2 million, including the promissory note and $7 million in cash.

The promissory note carries annual interest of 5%. The payment schedule of the principal amount is: $2.5 million due on each of May 8, 2024 and June 8, 2024; $1.5 million due on each of Sept. 8, 2024, Oct. 8, 2024 and Nov. 8, 2024; $1 million due on Dec. 8, 2024; and about $4.7 million due on Feb. 8, 2025.

Based in Chandler, Ariz., Lee Lee is an operator of international supermarkets.

Issuer:	Lee Lee Oriental Supermart, Inc.
Issue:	Secured promissory note
Amount:	$15.2 million
Interest:	5%
Principal payment:	$2.5 million on each of May 8, 2024 and June 8, 2024; $1.5 million on each of Sept. 8, 2024, Oct. 8, 2024 and Nov. 8, 2024; $1 million on Dec. 8, 2024; and $4.7 million on Feb. 8, 2025
Issuee:	Meng Truong and Paulina Truong
Settlement date:	April 8

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