ZNCM accepts discounted paydown of UPG notes...
Item 2.01. Completion of Acquisition or Disposition of Assets.
Zunicom, Inc. (the “Company”) was the holder of two promissory notes dated December 20, 2006 of Universal Power Group, Inc. (“UPG”) in the original principal amounts of $3,000,000 and $2,850,000 respectively. On December 16, 2009, the Company accepted the offer of UPG to pay-off the outstanding principal amount of each note at a discount of 7&1/2% off of the outstanding principal amount of each note, plus accrued unpaid interest to such date on each note. The Company received from UPG $3,771,141 in such pay-off of these two notes.
The Company owns approximately 41% of the outstanding common stock of UPG. William Tan, the President and a director of the Company, is the Chairman of the UPG board of directors. Ian Edmonds, a director of the Company, is the President and a director of UPG.
Always do right. This will gratify some people and astonish the rest.
---Mark Twain
