Loan Conversion Agreement between Boomerang Systems, Inc. and Atlantic & Madison of NJ Corp (September 29, 2011)
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Summary
Boomerang Systems, Inc. and Atlantic & Madison of NJ Corp agree that Atlantic & Madison will loan $75,000 to Boomerang Systems. 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 loan had been invested directly in the private placement. This agreement ensures the investor receives equivalent terms to other private placement participants.
EX-10.41 8 v243901_ex10-41.htm EXHIBIT 10.41 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 29, 2011
Dear Investor:
You hereby loan to the Company $75,000. 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 Bellantoni | /s/ John Steinbach |
| Joseph R. Bellantoni | John Steinbach |
| CFO, Boomerang Systems, Inc. | Pres., Atlantic & Madison of NJ Corp |
