FACT did not identify the purchasers of the note, which was reflected on its books at $325,599.FACT Corp. today announced that it has agreed to transfer all of its rights and interest in a $662,059 promissory note in exchange for $400,000 cash and 500,000 shares of the note issuer, Capital Reserve Canada. FACT did not identify the purchasers of the note, which was reflected on FACT”s books at $325,599.
Anything recovered in excess of that sum will be income at the time it”s collected. Capital Reserve is a former subsidiary of FACT, a Neptune-based company that develops, licenses and markets proprietary nutrition products. The agreement calls for FACT to receive the cash during the next 120 days in five installments, including two $50,000 payments and three payments of $100,000 each. FACT CEO Jacqueline Danforth says the original terms of the promissory note did not require payment until June 2007, which made collection uncertain.
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