Ecology Coatings defaults on $600,000 promissory note due Dec. 4, 2010

Investor John Salpietra accepts intellectual property as full payment

By Devika Patel

Knoxville, Tenn., Dec. 8 - Ecology Coatings, Inc. is in default on a $600,000 promissory note held by John Salpietra, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The default is due to non-payment, and the note was due on Dec. 4.

Salpietra has requested that he retain all of the secured collateral in full satisfaction of the note. The collateral is all of the company's intellectual property.

Based in Salt Lake City, Ecology Coatings develops nanotechnology-enabled, ultraviolet curable coatings that are designed to drive efficiencies and clean processes in manufacturing.

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