HyPower Fuel, Inc. (HYPF)

[NHred]

Convertible Debt notes
The convertible notes payable are secured by the Company’s inventory and capital assets, bear
interest at rates from 4% to 10% per annum and become due and payable at the discretion of the note(Who owns them???)
holders on or before April 30, 2005. The notes are convertible into the common stock of the
Company at various rates as agreed upon with the note holders. Advances payable are unsecured
and bear interest at 10% per annum. Some of the interest was waived by the holders during the year.

Sorry to burst you bubble folks but the notes are probably held by bender who sells shares when he needs them.