Loan Conversion Agreement between Boomerang Systems, Inc. and Lake Isle Corporation
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Summary
Boomerang Systems, Inc. confirms that Lake Isle Corporation has paid off Boomerang’s $1,000,000 line of credit with Highlands State Bank. As a result, Boomerang now owes this amount to Lake Isle. Lake Isle agrees to convert this loan into convertible notes and warrants under the same terms as a future private placement, once those documents are finalized. This agreement outlines the repayment and conversion terms between the two parties.
EX-10.46 6 v245733_ex10-46.htm EXHIBIT 10.46 Unassociated Document
Exhibit 10.46
 | 355 Madison Ave |
| Morristown, NJ 07960 | |
| P: (973) 538-1194 | |
| F: (973) 538-1196 | |
| www.boomerangsystems.com | |
| We Make Real Estate TM |
October 28, 2011
Dear Investor:
You hereby have caused Boomerang’s Line of Credit with Highlands State Bank in the amount of $1,000,000 to be paid in full, thereby, stepping in the shoes of Highlands State Bank. The Company now owes you $1,000,000. 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/ Gail Mulvihill | ||
| Joseph R. Bellantoni | By: Gail Mulvihill, President | ||
| CFO | Lake Isle Corporation |
