Loan and Conversion Agreement between Boomerang Systems, Inc. and Atlantic & Madison of NJ Corp (September 26, 2011)
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Summary
Boomerang Systems, Inc. agrees to accept a $100,000 loan from Atlantic & Madison of NJ Corp. The agreement states that once the company finalizes its private placement of convertible notes and warrants, the loan will be converted into the same type and amount of securities as if the investor had participated directly in the private placement. This ensures the investor receives the same terms and benefits as other private placement participants.
EX-10.40 7 v243901_ex10-40.htm EXHIBIT 10.40 Unassociated Document
 | 355 Madison Ave Morristown, NJ 07960 P: (973) 538-1194 F: (973) 538-1196 www.boomerangsystems.com We Make Real Estate TM |
September 26, 2011
Dear Investor:
You hereby loan to the Company $100,000. You agree that upon the finalization of the documents related to the private placement by the Company of convertible notes and warrants that you will convert the loan into an equivalent amount of convertible note and warrants being issued in such private placement as if you had invested the amount of loan in the private placement. Please acknowledge your agreement to the foregoing.
| Sincerely, | Agreed and Accepted: | |||
| /s/Joseph R. Bellantoni | /s/ John Steinbach | |||
| Joseph R. Bellantoni | John Steinbach | |||
| CFO, Boomerang Systems, Inc | Pres., Atlantic & Madison of NJ Corp |
