Loan Conversion Agreement between Boomerang Systems, Inc. and Atlantic & Madison of NJ Corp (October 2011)
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Summary
Boomerang Systems, Inc. and Atlantic & Madison of NJ Corp agree that loans totaling $676,000 made in October 2011 will be converted into convertible notes and warrants once the company's private placement documents are finalized. The investor will receive the same terms as if the loan amount had been directly invested in the private placement. This agreement ensures the investor's loans are treated as part of the upcoming securities offering.
EX-10.47 7 v245733_ex10-47.htm EXHIBIT 10.47 Unassociated Document
Exhibit 10.47
 | 355 Madison Ave |
| Morristown, NJ 07960 | |
| P: (973) 538-1194 | |
| F: (973) 538-1196 | |
| www.boomerangsystems.com | |
| We Make Real Estate ™ |
October 31, 2011
Dear Investor:
You hereby have made various loans to the Company in the month of October 2011 totaling $676,000. 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 | By: John Steinbach, Pres. | |
| CFO | Atlantic & Madison of NJ Corp |
