FBEC Worldwide, Inc. (OTCPK:FBEC) announced that it has entered into an agreement for a placement of convertible promissory note to PowerUp Lending Group, Ltd. for gross proceeds of $53,000 on January 16, 2017. The note will mature on October 28, 2017. The note carries a fixed coupon of 8% per annum. The investor has a right to convert any portion of the principal amount thereof at a 42% discount to the average of the three lowest intraday trading price within the ten trading days prior to a conversion notice submitted to the company’s transfer agent. The default interest rate would be 22% per annum. The company shall have the right to prepay the note as per the terms set out.