ContractConvertible Demand Note • March 23rd, 2006 • Arel Communications & Software LTD • Services-computer integrated systems design • New York
This Note and the securities represented hereby have not been registered under the United States Securities Act of 1933, as amended (the “Act”), or under the securities or blue sky laws of any State, and may not be sold, or otherwise transferred, in absence of such registration or an exemption therefrom under the Act and under any such applicable State laws.
