Exhibit 99.1
[NOTICE OF DEFAULT]
March 28, 2002
Via Hand Delivery and Certified Mail Via Hand Delivery and Certified Mail
Return Receipt requested Return Receipt requested
Natural Solutions Corporation Natural Solutions Corporation
c/o Xx. Xxx Xxxxxx, President c/o Xx. Xxxxxx X. Xxxxx, President
000 Xxxxx Xxxxxxx, Xxxxx 000 000 Xxxxx Xxxxxxx, Xxxxx 000
Xxxxxxxxxx, XX 00000 Xxxxxxxxxx, XX 00000
Gentlemen:
Natural Solutions Corporation, a Nevada corporation ("Borrower"), made,
executed and delivered the following convertible debentures (collectively
referred to as the "Notes") payable to X. X. Xxxxxxxxx ("Lender"):
DATE AMOUNT
August 11, 1999 $ 750,000.00
June 1, 2000 250,000.00
July 31, 2000 350,000.00
August 31, 2000 435,000.00
November 9, 2000 100,000.00
-------------
TOTAL $1,885,000.00
=============
Each of the Notes are in default because, among other reasons, the
Borrower's board of directors elected to file a Chapter 7 bankruptcy petition.
See paragraph 8(b)(ii) of the Notes. In the event of the occurrence of an event
of default, the Notes immediately are due and payable and the Lender may collect
payment in every way permitted by law. See paragraph 8(d) of the Notes. The
Notes are now due and payable in full. Demand for full payment is made.
The Borrower's obligations under the Notes are secured by, among other
things, a security agreement ("Security Agreement") dated as of June 1, 2000.
The Security Agreement grants to the Lender a security interest in all of the
Borrower's assets, tangible and intangible, now owned or hereafter acquired by
it, including, but not limited to, licenses (collectively referred to as the
"Collateral"). U.C.C. financing statements have been recorded in the appropriate
clerk's offices to perfect the Lender's lien on the Collateral.
Because of the default, the Lender will sell the Collateral at public
auction. Attached is a notice of disposition of Collateral.
Sincerely,
/s/ Xxxx X. Xxxxxxx
Xxxx X. Xxxxxxx
PKC/jat
Enclosure
cc w/enc.: Xxxxx X. Xxxxxxx, Esq.
Xx. X. X. Xxxxxxxxx
