Catcher revises terms for convertible secured promissory notes

By Devika Patel

Knoxville, Tenn., March 25 - Catcher Holdings, Inc. amended the terms of the $4.83 million in convertible secured promissory notes the company sold in private placements between June 20, 2007 and Aug. 21, 2007, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The amendment, dated Feb. 28, extends each note's term to 360 days from 240 days and waives any events of default that may have occurred on or before Feb. 27.

The notes' principal and interest will convert automatically if the company completes a private placement of shares for at least $6 million with a price per share of at least $0.15.

The notes' interest and outstanding face amount in excess of the amount paid will convert automatically if the company completes a private placement of shares for at least $3 million with a price of at least $0.15

In exchange for these concessions, the notes' par value is being increased by 7.163%.

Based in Leesburg, Va., Catcher develops a wireless, handheld global positioning system.

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