Blackout Media Corp (BKMP)

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Blackout Media Corp. Clarifies Convertible Debenture
Friday May 26, 10:30 am ET


TORONTO--(MARKET WIRE)--May 26, 2006 -- Blackout Media Corp. (Other OTC:BKMP.PK - News) is pleased to inform its shareholders that it has worked out an arrangement with the holders of the convertible debenture that there will be NO more conversions of the debenture to common stock for the next 18 months, in addition to the moratorium on the conversion the company at its option can repay the debenture at any time during the next 18 months without any penalties or bonuses of common stock and the final terms of the negotiation was the debenture can be converted, at the option of the debenture holders, into a long-term loan to the company payable in five years with a 10% interest rate on the loan.