Morgan Beaumont to close $3 million private placement of convertibles

By Sheri Kasprzak

New York, Aug. 7 - Morgan Beaumont, Inc. will conclude a private placement for up to $3 million.

The company intends to sell senior secured convertible debentures. A total of $2 million in principal of the debentures was funded on Friday.

The debentures mature on Feb. 2, 2007.

The company's $1.1 million current loan will be added to the principal of the debentures. The $1.1 million loan expired on Friday.

The full terms of the debentures could not be determined by press time Monday.

The stock fell 6.25%, or 2 cents, Monday to close at $0.30 (OTCBB: MBEU).

Based in Bradenton, Fla., Morgan Beaumont provides technologies to the pre-paid and stored-value card markets.

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