Sonomax Technologies (SXHHF)

[ErnieBilco]

Let's see - ZERO assets means ZERO patents.

December 8, 2014 (CSE:SHH) announced that the holders of its 12% secured subordinate convertible debentures have exercised their security over Sonomax’s assets and have taken all of Sonomax’s assets in payment of principal and accrued interest on the debentures. Sonomax failed to pay the aggregate principal amount of $4,586,000 of the 12% secured subordinate convertible debentures that became due on February 15, 2014, as well as accrued interest on the debentures in an aggregate amount of $1,106,432 as of September 30, 2014, representing a total amount due to the debenture holders of approximately $5.7 million as of that date. As confirmed by an independent valuation of Sonomax’s assets, the total amount due to the debenture holders exceeded the value of Sonomax’s assets by a significant amount. Accordingly, Sonomax’s assets have been surrendered in favor of the debenture holders.