Monterey Capital Acquisition Corporation announced that it will issue promissory note of principal amount of $3,680,000 on July 10, 2024. The transaction will include participation from new lender EF Hutton, division of Benchmark Investments, LLC,Investment Arm. In the case of an event of default, this amended note shall bear interest at a rate of ten percent (10%) per annum until such event of default is cured.

The principal amount of this amended note and any accrued interest shall be payable one year from the date first written above. After the aforementioned initial payment, the company will have an outstanding balance of $3,180,000 due under this amended note.