TREY EXTENDS DEBT TERMS
Trey Resources, whose revenue is totally that of Sage reseller SWK Technologies, has gotten its lender, YA Global Investments, to extend the maturity dates on three separate issues of secured convertible debentures. All issued on Dec. 20, 2005, the debentures totaled $2,359,047 and Trey was in default on all three, which had maturity dates in 2007 and 2008. Those have all been extended to Dec. 31, 2010. As of September 30, the company owed $1,476,800 with accrued interest of $524,267. Trey has been exchanging stock for principal to pay down the debt and also issuing stock to pay accrued expenses and also the accrued salary of its former non-executive chairman, Jerome Mahoney, who agreed to leave in May. The debt renegotiation was in the company's 10-Q for its September quarter, but was spelled out more recently in SEC filings regarding amendments to the debenture agreements. SWK Technologies is headquartered in Livingston, N.J.