EXTENSION AGREEMENT
Exhibit 99.1
This Extension Agreement (the “Agreement”) is dated as of this 21st day of February 2008, to be effective as of December 31, 2007 (the “Effective Date”), and is by and between [XXXXXX] XXXXXXX XXXXXXXXXXX (“Xxxxxxx”) and CRL SYSTEMS, INC., a Nevada corporation (the “Company”).
1.
Xxxxxxx is the owner and holder of an Amended and Restated Secured Promissory Note (the “Xxxxxx Note”) originally issued to Xxxxxx Pro North America, Inc., as successor to Xxxxxx Acquisition Corp., on October 4, 2004 in the original principal amount of $3,227,530. The Xxxxxx Note calls for certain principal payments to be made by the Company at specified times, as well as for the monthly payment of interest.
2.
Xxxxxxx and the Company have entered into separate arrangements with respect to other business relationships between Xxxxxxx and the Company. In consideration of those other arrangements, Xxxxxxx and the Company have agreed to certain changes in the payment schedule for the Xxxxxx Note.
3.
Xxxxxxx and the Company agree, effective as of the Effective Date, that the outstanding principal balance of the Xxxxxx Note (approximately $2,300,000) shall be payable on or before December 31, 2010 (the “New Maturity Date”) and that no payments of principal on the Xxxxxx Note shall be due until the New Maturity Date. Payments of interest shall continue to be made monthly in accordance with the terms of the Xxxxxx Note. The Company may prepay all or any portion of the principal of the Xxxxxx Note at any time or from time to time.
4.
All provisions of the Xxxxxx Note and all related and ancillary documents shall remain in full force and effect except as modified specifically herein.
DATED as of the date first above written.
CRL SYSTEMS, INC.
By
/s/Xxxxxxx Xxxxxx Xxxxxxxxxxx
Xxxxxxx Xxxxxx Xxxxxxxxxxx, President
/s/ Xxxxxx Xxxxxxx Xxxxxxxxxxx
Xxxxxx Xxxxxxx Xxxxxxxxxxx