Kelly Fielder defaulted on a $250,000 loan in September, 2003.
He is now lending money to "a related party" from Iciena. He's Iciena's CFO.
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September 30, 2003:
On or about
February 27, 2003,
Kelly Fielder (
"FIELDER"), the sole officer and
director of the Issuer, signed a Promissory Note (the
"Note") acknowledging the
indebtedness of the Issuer and Fielder to Gardner in the amount of $250,000 USD
plus costs and interest at prime (the
"Loan") and pledging all of Fielder's 144
restricted Issuer Common Stock as security for the Loan. Gardner obtained the
funds for the Loan, which, including costs, amounted to $397,653.63 Canadian
dollars, through a bank loan. Fielder owns and pledged 7,962,776 144 restricted
shares in the Issuer Common Stock (the
"Pledged Shares"), 4,900,170 which are
registered in his name, and 3,062,606 which are registered in the name of
Spectrum Meditech, Inc. (
"Spectrum"), a company under his control. The Note
states that if payments on the Loan are in default, the Pledged Shares will be
handed over to Gardner and will remain in her ownership after the Loan is
repaid. A copy of the Note is attached as Exhibit 1.
As of
September 2, 2003 the Loan was in default. On
September 12, 2003, Gardner
initiated a claim in the Supreme Court of British Columbia for judgment and
transfer to her name of the Pledged Shares. On
September 12, 2003, Gardner
obtained, on an application without notice, an Order that:
1. Fielder deposit the Pledged Shares into Court for preservation;
2. Fielder and Spectrum, without the written consent of Gardner,are restrained from voting,
selling, pledging, redeeming,converting or otherwise disposing of or dealing with the
Pledged Shares; and
3. the Issuer, without the written consent of Gardner, is restrained from reverse
splitting its common stock or making any changes to its share structure.
(the
"Order"). A copy of the Order is attached as Exhibit 2. The Order became
binding on Fielder, Spectrum and the Issuer when the Order was served
on Fielder on
September 15, 2003.
Click here to see the filing relating to this loan
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