Aspen Group secures $18.3M surety bond for Arizona; enters amendment restricting borrowings

ASPEN GROUP, INC.

Entered agreement with insurer for $18.3M surety bond in favor of State of Arizona.
Amendment restricts company from drawing under revolving notes until bond terminated.
Company required to restrict $5 million of cash per insurer's condition.
Issued 100,000 five-year warrants at $1.00/share to each lender as consideration.

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