Applied Visual Sciences defaults on senior convertible debentures

Default stems from company failing to make June 30 principal payment

By Devika Patel

Knoxville, Tenn., July 7 - Applied Visual Sciences, Inc. is in default under its series A senior convertible debentures, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The default was due to the company failing to make a principal payment that was due on June 30. The investors have not yet sought to enforce their rights under the debentures, and the company said it is in discussions with them to renegotiate the debentures' terms.

The technology company is based in Herndon, Va.

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