Exhibit 10.08
Aradyme Development Corporation
000 Xxxx 000 Xxxxx, Xxxxx 000
Xxxxxxxx Xxxx, XX 00000
September 30, 2003
Xxxx X. Xxxxxx
Xxxxx X. Xxxxxxx
Xxxxxx Xxxxxxx Group
Gentlemen:
Pursuant to the terms and conditions of the Asset Purchase Agreement
dated August 2001 with Aradyme Development Corp., then known as Systems Research
(the "Company"), the Company has an outstanding obligation to the Xxxxxx Xxxxxxx
Group in the principal amount of $105,456, plus interest as of September 29,
2003. In the hope that you will agree to convert all or a portion of such
outstanding obligation to common stock of the Company, thereby reducing the
Company's cash requirements, Aradyme Corporation hereby grants to you the right,
exercisable at any time between December 1, 2003, and five days after the
Company tenders payment of the balance due, to convert all or any portion of the
principal of and interest on the outstanding amount payable to the Xxxxxx
Xxxxxxx Group as of the date of conversion into shares of common stock of the
Company at $0.14 per share. In order to evidence the investment intent of the
Xxxxxx Xxxxxxx Group respecting the shares of restricted stock to be issued to
it upon conversion of such obligation, the election to convert should be
accompanied by an executed investment letter in customary form to be provided by
the Company. Within five days after receipt by the Company of the foregoing, the
Company will issue to you certificates evidencing the shares of common stock to
be issued in accordance with your instructions.
If the foregoing is acceptable to you, please so indicate your
acceptance by signing in the space provided below and returning a copy of this
letter to the Company.
Sincerely,
/s/ Xxxxxx X. Xxxxxxxxx
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Xxxxxx X. Xxxxxxxxx
Xxxxxx and accepted this 30th day of September, 2003.
Xxxxxx Xxxxxxx Group
/s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx
/s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx
