Full Press Release Details
Overnight Courier, Email and Telefax No. 561-743-8343
International (USA), Inc.
known as Dyadic International, Inc.
Intracoastal Pointe Drive, Suite 404
Wayne Moor, Chief Executive Officer, President and Board Member
Default under Revolving Note ($3,000,000.00)
may recall, we are counsel to the Mark A. Emalfarb Trust under agreement dated
October 1, 1987 ("Lender").
letter to you dated October 3, 2007 ("Notice"), Lender put Dyadic International
(USA), Inc., formerly known as Dyadic International, Inc., ("Borrower") on
notice of certain of events which could give rise to Borrower's default
("Events") pursuant to Section 5 of that certain Revolving Note dated as of
29, 2003 ("Bridge Note"). The balance due under the Bridge Note is
the principal sum of $2,378,832.00, plus all interest accrued from and after
October 1, 2007, and legal fees incurred by Lender of $11,163.75.
Events have continued for more than ninety (90) days after the Notice and,
therefore, Borrower is in "Default" (as that term is defined in the Bridge
Note). Lender will not extend the maturity date under the Bridge
hereby declares the Bridge Note to be in Default, and all amounts evidenced
thereby to be immediately due and payable to Lender. All amounts due
under the Note must be wired or otherwise paid by Borrower to Lender so they
received by Lender not later than 4:30 p.m., EST, on January 2,
2008. Lender's wire instructions are as follows:
Morgan Chase Bank, N.A.
credit to Mark A. Emalfarb
Borrower fail to pay all amounts due as demanded herein, Lender will exercise
its rights and remedies.
lgattorneys.com w fax
International (USA), Inc.
known as Dyadic International, Inc.
receipt of this notice, please immediately confirm with me in writing that
Borrower will pay all amounts due as demanded herein and, if the amounts due
wired to Lender, please provide me with the wire transfer confirmation number
soon as it becomes available.
Mr. Harry Z. Rosengart, Dyadic Chairman of the Board
email and telefax no. 561-743-
Richard Berman, Dyadic Board
email and telefax no.
Stephen J. Warner, Dyadic Board
email and telefax no.
Lisa M. De La Pointe, Executive
Vice President and Chief Financial Officer
email and telefax no.
email and telefax no.