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clearcoated

Re: siaubas post# 3357

Tuesday, 03/31/2009 5:47:10 PM

Tuesday, March 31, 2009 5:47:10 PM

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"On December 13, 2008, another “event of default” occurred and is continuing in that the Notes matured on that date and the Company failed to make full repayment for outstanding principal and interest on the Notes. These events of default have not been waived by the investors and are continuing. The Company intends to endeavor to satisfy the payments overdue under the Notes by delivery of shares of its common stock."

CHBO 10-K http://www.sec.gov/Archives/edgar/data/1190132/000114420409017436/v144703_10k.htm

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