Would I have a case in small claims court?

In 1997, I sold an item to a gentleman for a sum of two thousand dollars. He gained possession of the item but never paid me anything for it. I believe that the statute of limitations on small claims in the State of Illinois is five years. However, two years ago, I was in a retail store and came face to face with the man that owed me money. We had a conversation and he said to me that he was "back on his feet" and his goal was to get me paid this year. My question is this: Was this meeting and subsequent statements a renewed or new verbal contract for payment? Can I seek money even if I am not seeking it for medical bills? Also, can I seek punitive damages?