Marani Brands Inc. (MRIB)

[Lawson Digest]

Does FFBU still own the patent to the Foot Fridge?

As discussed in Note 3, on March 24, 2007 the Company acquired 100% of the common stock of Footfridge Pty Ltd ("Footfridge") in exchange for a $1,000,000 convertible promissory note. The note bore interest at 7% per annum and was secured by the Footfridge shares. A principal payment of $200,000 was due and payable on September 30, 2007, with the $800,000 remaining balance, plus accrued interest, payable on March 24, 2008. This $800,000 was convertible into common stock of the Company at a conversion rate of $0.10 per share. This promissory note was cancelled and the Footfridge common stock was returned to the seller, pursuant to rescission of the agreement on August 21, 2007 as described in Notes 1 and Note 3.