Wizzard revises terms of $2.38 million convertible promissory notes

By Devika Patel

Knoxville, Tenn., March 18 - Wizzard Software Corp. amended the terms of its $2,375,000 in convertible promissory notes that were issued to Alpha Capital Anstalt, Whalehaven Capital Fund Ltd. and Genesis Microcap Inc., according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The maturity has been extended to April 27, 2009 from April 27, 2008.

In exchange for agreeing to the extension, the investors will receive class C warrants for 400,000 common shares, on a pro rata basis. The warrants are exercisable at $2.85 for three years.

Pittsburgh-based Wizzard provides software and hardware products and services that focus on speech recognition and text-to-speech technology.

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