SALT LAKE CITY— eRoomSystem Technologies, a supplier of in-room technologies for the lodging industry based here, has entered into an agreement to receive interim debt financing of up to $322,500. The financing will give the firm 90 days to resolve financial issues and submit a request to Nasdaq for approval of up to $2,500,000 of Series D Convertible Preferred Stock financing. The in-room technologies outfit has signed a convertible promissory note with Ash Capital LLC, its largest stockholder. Under the terms of the note, Ash Capital will provide up to $322,500 in financing, and is obligated to loan the company a minimum of $250,000. On Nov. 8, 2002, the company also entered into a Stock Purchase Agreement for the issuance of up to 2,777,778 shares of Series D Convertible Preferred Stock. Ash Capitals commitment is up to $1,500,000 (inclusive of the Convertible Note), subject to the company satisfying each of the conditions in the Stock Purchase Agreement.
