a21 waives June 30 interest payment owed on convertible term notes

By Devika Patel

Knoxville, Tenn., July 9 - a21, Inc. negotiated a waiver agreement on July 3 with the holders of its $15.5 million issued secured convertible term notes to waive the June 30 quarterly interest payment, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The notes were sold in a private placement that settled on April 27, 2006.

According to the filing, a21 and holders of the majority of notes agreed to the waiver.

The company will resume paying quarterly interest in cash beginning with the payment due in October.

As previously reported, the company paid notes in lieu of cash for the January and April interest payments. It had agreed on Jan. 31 to pay cash for the June 30 payment.

Jacksonville, Fla.-based a21 is an online digital content marketplace used by creative professionals. The company provides images through three web sites.

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