Calypte Biomedical Corp (fka CYPT)

[scion]

On November 13, 2003, the Company and Marr Technologies, B.V. ("Marr"), its largest stockholder, entered into an agreement in which Marr has agreed to purchase up to $10,000,000 of 5% Promissory Notes that the Company may issue between February 28, 2004 and May 31, 2004. The agreement will terminate on March 31, 2004, however, if the Company has not listed its common stock on an established stock exchange by that date. The Company may, but is not required to, issue up to the entire $10,000,000 commitment of 5% Promissory Notes under
the agreement. Each 5% Promissory Note issued will have a term of 12 months. Proceeds from the issuance of the notes under the agreement may be used for general corporate purposes.
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