EXHIBIT 1
Letter Agreement between the Company and Xxxxx Securities as
Agent for Certain Purchasers of I(3) Securities
The following briefly summarizes the intent of transactions associated with
Series A and B Securities Purchased by International Isotopes Inc. ("Company")
and Xxxxx Securities Co. Inc. acting as agent for other investors ("Xxxxx").
1. Xxxxx will be acting as an agent for a group, to be defined by Xxxxx,
to purchase directly from Brown Xxxxxxx its holdings of the Company's
Series A preferred stock and 2,087,837 shares of common stock.
2. Because of time constraints in completing said purchase, the Company
has agreed to complete the wire transfer of $350,000 directly to Xxxxx
Xxxxxxx on 12/28/01. Xxxxx will be responsible to cause its investors
to wire transfer into the Company's account this amount on or before
January 4, 2002. The following provides the wiring instructions for
that transfer:
International Isotopes Idaho Inc.
Texas State Bank
0000 X. 00xx
XxXxxxx, XX 00000
Account #00000000
ABA #000000000
3. The Company will agree to acquire up to $100,000 worth of the Series B
preferred shares and will return these shares to treasury. The Company
will make every effort to complete these purchases as quickly in
January 2002 as possible.
4. Both parties will negotiate a modification of the Series A Preferred
agreement that will include, but not limited to, recalculation of the
quarterly dividend payment rate and the mandatory conversion date
(expected to be revised to May 31, 2003).
5. The Company and Xxxxx will use their best efforts to cause a
modification of the Series B Preferred agreement to provide for a
recalculation of the quarterly dividend payment rate similar to that
contemplated in paragraph 4 above.
If this completely and accurately describes our understanding please sign below
and return a faxed copy.
For International Isotopes Inc. For Xxxxx Securities Co. Inc.
/s/ Xxxxx Xxxxxx /s/ Xxxxxx X. X'Xxxxx, Xx.
--------------------------- ------------------------------
Xxxxx Xxxxxx Xxxxxx X. X'Xxxxx, Xx.
President Senior Vice-President
Date: December 28, 2001 Date: December 28, 2001
