Contract
Exhibit
10.1
0000
X.
XXXXX XXXX • SUITE 217 • LAS VEGAS • NEVADA • 89120
T:
(000)
000-0000 · F:
(000)
000-0000
February
20, 2007
Via
Overnight Delivery
And
Facsimile: (000) 000-0000
CardMart
USA, Inc.
Xxxxxx
Xxxxxx, CEO
XX
Xxx
0000
Xxxxxx,
XX 00000
Re:
Termination
of Letter Agreement.
Dear
Xx.
Xxxxxx:
As
you
are aware, a letter of intent was signed between our respective companies
on
November 17, 2006 (“Letter Agreement”), legally binding our respective
corporations to certain terms and conditions set forth therein. This Letter
Agreement established the basis for a merger between our companies which
was to
occur on or before November 30, 2006. At your request, this Letter Agreement
was
verbally amended by us on several occasions to extend the closing of our
transaction until a date not later than February 15, 2007, in order to afford
CardMart USA additional time to comply with due diligence items necessary
to
effect a merger with a public company (e.g., your audited financial statements,
etc.).
Our
business is dependent upon fulfilling financial and management commitments
in a
timely fashion. Since we have not received any communication from you in
well
over a month, and you have not responded to our numerous requests for a report
on your status and intentions relating to our pending merger transaction,
we
must conclude that you no longer intend to honor your written commitment
as
described in the Letter Agreement.
Accordingly,
you are hereby formally notified that LitFunding has elected to terminate
our
Letter Agreement, effective this 20th day of February, 2007. Notwithstanding
the
fact that we no longer have any agreement or understanding between us, and
in
the spirit of fairness, we are amenable to commence new negotiations with
respect to a potential merger between our companies. Please advise if you
would
like to propose such a new agreement. We await your reply.
Sincerely,
| By: /s/ Xxxxxx Xxxx | |||
|
Xxxxxx Xxxx, President |
cc:
Xxxxxx X. Xxxxxxxx, Esquire
cc:
Xxxxxx Xxxxxxx, by Email
