By Sheri Kasprzak
New York, Feb. 28 - Elite Flight Solutions, Inc. said it settled a private placement for $2,267,164.
The company sold 10% secured convertible debentures to Montgomery Equity Partners, Ltd.
Montgomery surrendered $1,639,034 in principal of outstanding debentures plus interest for a total of $1,700,464. The investor bought $566,700 in new debentures.
The debentures mature on Dec. 17, 2007 and are convertible into shares at 95% of the lowest volume-weighted average price of the company's stock for the 30 trading days before conversion.
For the new debentures, the investor received warrants for 200 million shares, exercisable at $0.001 for five years.
Based in Roanoke, Va., Elite Flight is a holding company for Air Network Alaska, Inc. Air Network Alaska provides air ambulance services.
| Issuer: | Elite Flight Solutions, Inc.
|
| Issue: | Secured convertible debentures
|
| Amount: | $2,267,164
|
| Maturity: | Dec. 17, 2007
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
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| Conversion price: | 95% of the lowest VWAP for the company's stock for the 30 trading days before conversion
|
| Warrants: | For 200 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.001
|
| Investor: | Montgomery Equity Partners, Ltd.
|
| Settlement date: | Feb. 14
|
| Stock symbol: | Pink Sheets: EFLT
|
| Stock price: | $0.001 at close Feb. 14
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