It was not Verges, it was Welch. My mistake.
Yes, Paul is quite enamored of Phil Verges. He's brought him up several times in the past. Paul emailed me a picture of Phil once, which is how I became aware of the NMKT/Ribotsky connections.
So strike Verges, insert Welch.
On May 22, 2006 7:17:50 AM, Paul emailed me a picture of Anthony Welch of MOTG, original founder of NMKT.
Paul's email reads:
"Looks like Tony Welch knows how to help move dead Ribitski debentures from one balance sheet to another
is that arms length?
if not, is that conveyance?"
I took this to mean that a Ribotsky deb was moved from NMKT to MOTG. Investors here can make their own assumptions.
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"Mr. Welch is the original founder of the public company IPVoice Communications (which recently changed its name to NewMarket Technology, symbol: NMKT)."
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Form 8-K for MODERN TECHNOLOGY CORP
5-Apr-2006
Entry into a Material Definitive Agreement, Creation of a Direct Financial
Item 1.01 Entry into a Material Definitive Agreement
On March 27, 2006, the Company entered into a Securities Purchase Agreement with AJW Partners, LLC, AJW Offshore, LTD., AJW Qualified Partners, LLC., and New Mille***** Capital Partners, LLC. (collectively Buyers). Under the terms of the Securities Purchase Agreement, Buyers purchased 6% Convertible Secured Notes in the aggregate amount of $350,000, and Warrants to purchase shares of common stock. Please see Items 2.03 and 3.02 for more details on this transaction.
In conjunction with the Securities Purchase Agreement, the Company entered into an Intellectual Property Security Agreement and a Security Agreement, both dated March 27, 2006. The terms of these agreements, respectively, grant first priority to Buyers for intellectual property rights and security rights to property of the Company. Company entered into these agreements to guarantee payment under the terms of the Convertible Notes.
Section 2 - Financial Information
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On March 27, 2006, the Company, pursuant to a Securities Purchase Agreement of the same date, entered into Callable Secured Convertible Notes. Under the terms of the notes, the Company borrowed an aggregate of $350,000.00 from the Holders of the Notes. The Notes each bear a Maturity Date of March 27, 2009, with interest accruing on any unpaid principal at 6% per annum from the date the Notes were issued, until due and payable on the Maturity Date. Any unpaid amounts after that date bear an interest of 15% per annum. Interest is payable quarterly and shall commence at June 30, 2006. Holder has the right to convert any amounts due to Common Stock, at its discretion, at the conversion price, as set forth under the terms of the Notes. Following is a table showing the holders and amount of each Note.
HOLDER AMOUNT OF NOTE
AJW Offshore, LTD $213,500
AJW Partners, LLC $38,500
AJW Qualified Partners, LLC $94,500
New Mille***** Capital Partners, LLC $3,500
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