Analytical Surveys' $2 million in convertibles accelerated

By Sheri Kasprzak

New York, Sept. 22 - Analytical Surveys, Inc. said the maturity date of $2 million in two-year secured convertible promissory notes issued in June has been accelerated to later this year.

The notes, which had been due in June 2008, will now be due Oct. 19, 2006. At that time, the principal and unpaid interest will be due in cash.

The company's shareholders recently rejected the conversion terms of the notes and the issuance of warrants for 5.5 million shares. So far, the company has not been able to negotiate acceptable terms with its shareholders for the notes.

Analytical, according to a statement released Friday afternoon, is seeking alternative financings to supplement the company's cash reserves.

The notes were sold June 2 and bear interest at 14% annually.

Analytical, based in San Antonio, is an oil and natural gas development company.

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