XXXXXXX FOUNDATION LIMITED
Xx. Xxxxx X. Xxxx March 10, 1999
Pinecrest Investment Group, Inc.
0000 Xxxx Xxxx., Xxxxx 000
Xxxxx, XX 00000
Re: Letter of Agreement
Line of Credit
Dear Xx. Xxxx:
Pursuant to our conversation, Xxxxxxx Foundation, Limited ("MFL") hereby offers
to Pinecrest Investment Group, Inc. ("Pinecrest") a line of credit on the
following terms:
1. The total amount of the line of credit from MFL to Pinecrest is
$900,000 to be paid in draws agreed upon between MFL and Pinecrest.
2. Upon notification to Pinecrest, MFL may elect to convert any or all
amounts advanced under the line of credit into restricted common stock
of Pinecrest at a price of $6.00 per share.
Upon your acceptance of the terms of this proposal, the first draw against the
line of credit will become available.
If you have any further questions, please contact me as soon as possible.
Sincerely,
/s/ X. Xxxx
Xxxxx Xxxx
General Manager
AGREED TO AND ACCEPTED BY:
Pinecrest Investment Group, Inc.
By: /s/ Xxxxx X. Xxxx Date: 03/12/99
--------------------------- ----------------------
Xxxxx X. Xxxx, President
First Nevisian Corporate Services Henville Building
Xxxxxx Xxxxxxx St. Charleston Nevis, West Indies
XXXXXXX FOUNDATION LIMITED
Xx. Xxxxx X. Xxxx December 6, 1999
Pinecrest Investment Group, Inc.
0000 Xxxx Xxxx., Xxxxx 000
Xxxxx, XX 00000
Re: Modification to Line of Credit
Dear Xx. Xxxx:
Pursuant to our conversation, we desire to modify our line of credit arrangement
with Xxxxxxxxx as follows:
1. The line of credit for $900,000 will become a purchase of 150,000
shares of restricted common stock of Pinecrest at a price of $6.00 per
share.
2. Xxxxxxx Foundation agrees to pay the difference between the amount
already advanced to Pinecrest under the original line of credit
arrangement and the purchase for the 150,000 shares, as soon as
possible, but no later than January 31, 2000.
3. Xxxxxxxxx agrees to issue 150,000 shares of restricted common stock to
Xxxxxxx Foundation prior to December 31, 1999 and agrees to hold such
shares in an agreed upon attorney's escrow account until the shares
are paid in full.
Please indicate your acceptance of these terms by signing below and returning a
copy to me.
Sincerely,
/s/Xxxxx Xxxx
Xxxxx Xxxx
General Manager
AGREED TO AND ACCEPTED BY:
Pinecrest Investment Group, Inc.
By: /s/Xxxxx X. Xxxx Date: 12/13/99
------------------------ ---------------
Xxxxx X. Xxxx, President
First Nevisian Corporate Services Henville Building
Xxxxxx Xxxxxxx St. Charleston Nevis, West Indies
XXXXXXX FOUNDATION LIMITED
Xx. Xxxxx X. Xxxx April 10, 2000
Pinecrest Investment Group, Inc.
0000 Xxxx Xxxx., Xxxxx 000
Xxxxx, XX 00000
Re: Letter of Agreement
Line of Credit
Dear Xx. Xxxx:
Pursuant to our conversation, Xxxxxxx Foundation, Limited ("MFL") hereby offers
to Pinecrest Investment Group, Inc. ("Pinecrest") a line of credit on the
following terms:
3. The total amount of the line of credit from MFL to Pinecrest is
$1,500,000 to be paid in draws agreed upon between MFL and Pinecrest.
4. Upon notification to Pinecrest, MFL may elect to convert any or all
amounts advanced under the line of credit into restricted common stock
of Pinecrest at a price of $6.00 per share.
Upon your acceptance of the terms of this proposal, the first draw against the
line of credit will become available. This credit arrangement shall terminate on
December 31, 2000.
If you have any further questions, please contact me as soon as possible.
Sincerely,
/s/X. Xxxx
Xxxxx Xxxx
General Manager
AGREED TO AND ACCEPTED BY:
Pinecrest Investment Group, Inc.
By: /s/Xxxxx X. Xxxx Date: 04/13/00
--------------------------- -----------------
Xxxxx X. Xxxx, President
Parque Empresarial Forum Edificio B 1.Piso
Corretera Xxxxxxxx Xxxxxxxxx Santa Xxx Xxxxx Rica
Tel 000 000 000 0000 Fax 000 000 000 0000
XXXXXXX FOUNDATION LIMITED
Xx. Xxxxx X. Xxxx June 25, 2000
Pinecrest Investment Group, Inc.
0000 Xxxx Xxxx., Xxxxx 000
Xxxxx, XX
Re : Conversion of line of credit
Xx. Xxxx:
Pursuant to that certain Line of Credit (LOC) arrangement that we entered into
on April 10, 2000, it is our desire to convert the principal sum advanced of
$735,766.41, and the $8,991.88 of interest accumulated at 12% into 124,127
shares of restricted common stock of Pinecrest. We request that all shares be
issued immediately.
If you have any further questions, please contact me as soon as possible.
Sincerely,
/s/X. Xxxx
Xxxxx Xxxx
General Manager
Acknowledged & agreed to :
Pinecrest Investment Group, Inc.
By : /s/Xxxxx X. Xxxx Date : 06/27/00
-------------------------- -----------------
Xxxxx X. Xxxx, President
Parque Empresarial Forum Edificio B 1.Piso
Corretera Xxxxxxxx Xxxxxxxxx Santa Xxx Xxxxx Rica
Tel 000 000 000 0000 Fax 000 000 000 0000
