Energy Connect Group, Inc. (fka ECNG)

[timhyma]

anyone still here?

Item 1.02 Termination of a Material Definitive Agreement.



On October 20, 2010, EnergyConnect Group, Inc. (the "Company") and Aequitas Commercial Finance, LLC (“Aequitas”) terminated the Business Loan Agreement and the Commercial Security Agreement between the parties dated February 26, 2009 (collectively the “Loan Agreements”), following Aequitas’ election to convert, effective September 8, 2010, the outstanding balance in the aggregate amount totaling $3,307,279.96 under the Loan Agreements, as evidenced by that certain Convertible Secured Promissory Note dated February 26, 2009, as amended, into 36,504,180 shares of the Company’s common stock based upon the conversion price of $0.0906 per share.