Cornell Yorkville Clients

[jonesieatl]

WFYW : Temporary forbearance from YAGI on default

http://www.sec.gov/Archives/edgar/data/1051902/000114420408031811/v115681_8k.htm

"On May 19, 2008, Wherify Wireless, Inc. entered into a Forbearance Agreement with Yorkville Advisors, LLC, who agreed to forbear from exercising its rights and remedies under the Debentures arising out of existing defaults, pending efforts by Wherify to complete a number of initiatives contemplated in the Forbearance Agreement including, without limitation, (i) the restructuring of its unsecured creditors and (ii) a proposed Reverse Merger of a target company into Wherify the “Proposed Reverse Merger.”

Pursuant to the Forbearance Agreement Wherify has agreed to achieve the following during the forbearance period in connection with these initiatives:

(A) On or before May 30, 2008, Wherify shall have signed a letter of intent in connection with the Proposed Reverse Merger and will have an interim Bridge Loan in place in an amount estimated to be sufficient for Wherify to operate during the Forbearance Period.

(B) On or before June 30, 2008, Wherify shall have taken all steps necessary to commence the Recapitalization Financing required to close the Proposed Reverse Merger and satisfy its restructured obligations to YA Global and its unsecured creditors.

(C) Complete all required agreements necessary to complete the transactions contemplated in the Forbearance Agreement, including the Proposed Reverse Merger, in a manner that is acceptable to YA Global, on or before September 30, 2008, which is the outside date of expiration of the Forbearance Agreement.

If the above deadlines are not met, the forbearance period may be terminated."