BioSTV I, LLC Requests Payment of Loan With Net Nanny Software International Inc.Business Editors BELLEVUE, Wash.--(BUSINESS WIRE)--May 31, 2002 Net Nanny Software International Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : NNSWF), (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension Venture: NNS NNS Newport News Shipbuilding NNS National Numeracy Strategy NNS Norfolk Naval Shipyard (Portsmouth, VA) NNS Newhouse News Service NNS Non-Native Speaking NNS Network Node Server (Cisco) ) announces that its bridge loan with BioSTV I, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control is in default and the lender has demanded payment in full. Pursuant to the Loan Agreement, the lender has given notice that the outstanding balance of the loan obligation, including principal and accrued interest totaling approximately $213,000, was due in full on or before May 29, 2002. The Company's corporate counsel believes insufficient notice was given to the Company and is currently in discussions with the lender's counsel. The Company is currently working with other potential lenders to repay the loan to BioSTV and will provide further information as it becomes available. If the Company is unable to resolve its obligation with BioSTV, BioSTV has indicated it will exercise its rights to realize against the collateral pledged to secure this loan. About Net Nanny Software International Inc. Net Nanny Software International Inc., a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. (OTCBB: NNSWF), (TSX Venture: NNS) with headquarters and subsidiaries in the United States and Canada, specializes in Internet safety and computer security products for both the home and enterprise markets. For more information on the Company and its products, please visit www.netnanny.com, www.biopassword.com or call (425) 709-8520. On behalf of the Board of Directors Net Nanny Software International Inc. "Gordon A. Ross" Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Note to Readers: Statements in this news release looking forward in time involve risks and uncertainties, including the risks associated with the effect of changing economic conditions, trends in the development of the Internet as a commercial medium, market acceptance risks, technological development risks, seasonality and other risk factors. The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has not reviewed and does not accept responsibility for the adequacy or the accuracy of this Press Release. For more information, contact: Mitch Tarr Vice President Phone: (425)709-8516 Fax: (425)688-3010 Email: PR@netnanny.com |
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