Item 1.01 Entry into a Material Definitive Agreement.
On September 26, 2008 Call Now, Inc. (the "Company") entered into the following transactions with Christopher J. Hall, its Chairman and controlling stockholder. These transactions were authorized by the board of directors:
The Company purchased 114,206 shares of Company common stock from Mr. Hall. The purchase price per share was $10.10 per share.
The Company purchased 147,646 shares of Company common stock from Mr. Hall in exchange for the following bonds held by the Company:
$225,000 principal amount of Will County IL 7.75% Student Housing bonds due 9/1/09 (CUSIP 969081BG2).
$2,105,000 principal amount of Will County IL 6.75% Student Housing bonds due 9/1/33 (CUSIP 969081BB3).
The transactions reduced the Company's outstanding common stock to 2,902,367 shares.

---