Attached files
Exhibit 99.1
PROMISSORY
NOTE
FOR VALUE RECEIVED, the Corporation
promises to pay to the order of Parker Booth, the sum of Four Hundred and Thirty
One Thousand Five Hundred ($ 443,500.00) Dollars, with annual interest at 5% on
the unpaid balance. In addition, Mr. Booth will receive an equity
interest of 2,668,747 restricted shares of the Organic Alliance Inc.’s common
stock. The repayment of this Note is contingent upon satisfactory repayment of
the pending Small Business Administration (SBA) Loan that Organic Alliance Inc.
intend to secure in the next thirty days. The full unpaid
principal and earned interest shall be paid within 30 days after the retirement
of the SBA Loan. If the SBA Loan is not secured, the full unpaid
principal and any earned interest shall be fully due and immediately payable on
December 31, 2010.
This Promissory Note is
unsecured.
Upon
failure to make payment within 15 days of demand, and should this note be turned
over for collection, the undersigned shall pay all reasonable legal fees and
costs of collection. All parties to this note waive presentment, demand, notice
of non payment, protest and notice of protest, and agree to remain fully bound
notwithstanding the release of any party or extension, indulgence, modification
of terms, or discharge of any collateral for this note. The Corporation shall be
liable under this note.
| Signed this 10th day of December, 2009 |
In the
presence of:
|
Parker
Booth
Lender
|
Organic
Alliance, Inc
Borrower
|
|
|
Agreed:
/s/
Parker Booth
|
Agreed:
/s/
Tom Morrison
|
|
|
Tom
Morrison Chairman
|