ROCKVILLE, Md. (EWORLDWIRE) Oct 12, 2007
Airbee Wireless (OTCBB:ABEW) has closed two significant financial milestones which improve its financial outlook. Gene Sharer, president, said that "the closure will be a positive as reflected in the upcoming third quarter report."
On October 10, 2007, Airbee received notice from Montgomery Equity Partners Ltd. that the Settlement Agreement dated September, 2005, for a defaulted promissory note has been paid off in full in the third quarter. The settlement agreement was for $937,500 including principal, accrued interest and liquidated damages for which an affiliate of the company pledged shares of his stock to guarantee the note which Montgomery foreclosed on. The pledged shares were sold over a period of two years to pay the note.
On October 5, 2007, Airbee closed on a $500,000 convertible debenture with Golden Gate Investors, Inc. which contains two funding levels. An affiliate of the company pledged shares to guarantee performance on the agreement. The coupon on the note is 8 3/4 percent and matures in twelve months with an extension of up to six months at the option of the holder. Airbee also issued a three year two million (2,000,000) share purchase warrant at above current market pricing.
About Airbee
Airbee is an innovator of intelligent software solutions for unwired voice and data networking. Products include embedded software, management platform, development tools and services. Airbee technology is licensed by OEMs, silicon providers and integrators. All products are designed and engineered to comply with ZigBee/IEEE 802.15.4 global standards. Airbee technology offers affordability, greater flexibility and shorter time to market, unlike anything else now available. To learn more about Life Unwired
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