Thinkpath Inc.

Toronto, Canada: (May-07-07) Thinkpath Inc., a global provider of engineering solutions, reached a settlement of its debt obligations to John and Cecelia Kennedy, the principal sellers of Multitech Group Inc., which was acquired by the company on June 29, 2006. According to the settlement, John and Cecelia Kennedy have agreed to return for cancellation all 4,065,820 shares of common stock and 595 shares of preferred stock granted by the company. In addition, they have agreed to cancel promissory notes in the aggregate amount of $475,788 and accrued interest and penalties. In consideration, Thinkpath has granted the Kennedy's a new promissory note in the amount of $800,000 payable over 5 years in monthly installments of $13,333 beginning January 2008. The new note bears interest at an annual rate of 6%. [MAC REPORT: DEBT AGREEMENT]

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Published on May-10-07