American Consumers Inc., Annual General Meeting, Oct 08, 2009, at 15:00 Eastern Daylight. Location: General Office, 55 Hannah Way, Rossville, GA 30741, United States. Agenda: To receive reports of officers pertaining to the operations of the company during the fiscal year ended May 30, 2009; to elect Board of Directors consisting of six members; and to consider and act upon any other business that may properly come before the meeting.

On February 20, 2009, American Consumers Inc. entered into an agreement with Postec Inc. for the purchase and installation of new cash register hardware and software and scanning equipment for the company's Chatsworth, Georgia grocery store location. On February 24, 2009, the company executed a new promissory note to provide financing for the purchase and installation of new cash register hardware and software and scanning equipment (including applicable sales taxes) for the company's Chatsworth, Georgia grocery store. The note, which has an initial principal balance of $60,470, was entered into with the company's principal lender, Gateway Bank & Trust Company, in accordance with the previously announced commitment letter between the company and Gateway for the partial funding of this purchase. The commitment letter calls for Gateway to provide up to $440,000 of financing in the form of five-year term loans, with interest at the Wall Street Journal prime rate plus 0.5% per annum and interest and principal payable on a five-year amortization schedule. The commitment letter also provides for an origination fee equal to 0.75% of the amounts advanced, and provides that the debt will be secured by a first priority lien on the new equipment in addition to being cross-collateralized with all of the company's other indebtedness to Gateway. The note must be repaid in 60 monthly payments of $1,174.39 (subject to adjustment for future changes in the variable interest rate), beginning on April 10, 2009 with final payment due on March 10, 2014. The note bears interest at an annual rate of 0.50 points over the Wall Street Journal Prime Rate, adjusted each month, and subject to a floor rate of 6.00%, which is the initial effective interest rate as of February 24, 2009. The note is collateralized by a security interest in the company's $300,000 certificate of deposit with the Lender and by a security interest in the register system and substantially all of the company's accounts receivable, inventory, machines and equipment, furniture and fixtures, and proceeds of the foregoing, as well as by personal guarantees of the company's President and CEO and its Executive Vice President and CFO. The note is cross-collateralized and cross-defaulted with the company's other existing indebtedness to Gateway.