XXXXXX & XXXXXX, LLP
0000 XXXXX 0, 0XX XXXXX
XXXXXXXX, XXX XXXXXX 00000
(000)000-0000
July 3, 2003
Xxxxxx X. Emas, Esq.
0000 Xxxxxxxxxx Xxxxxx
Xxxxx Xxxxx, XX 00000
Re: Global Business Resources, Inc. with International Equities and
Finance, LLC
Dear Xxx:
As you know, we represent Global Business Resources, Inc. ("Global Business").
This letter agreement will hereby confirm that the Stock Purchase Agreement
("Agreement"), Amendment to the Stock Purchase Agreement ("Amendment") and
Agreement for the Exchange of Common Stock ("Share Exchange") are hereby deemed
null and void. Pursuant to the Agreement and Amendment, your client,
International Equities and Finance, LLC, was required to provide audited
financial statements to Global Business for United States Coach Group.
Specifically, pursuant to Section 1(iv) of the Amendment, Seller had the right
to terminate the Agreement if the United States Coach Group audited financial
statements were not received within fourteen days from the date of such
Amendment. To date the audited financial statements have not been received by
Global Business and therefore both parties have agreed that the Agreement and
Amendment are terminated and this transaction is deemed null and void. The Share
Exchange was conditioned upon the receipt of the audited financial statements as
set forth in the Agreement and therefore the Share Exchange is also null and
void.
Based upon same, my client has agreed to return the $170,000 received from your
client in this matter. I have enclosed herewith a mutual release for all parties
involved in this transaction. Please have your client sign this release as well
as a copy of this letter below and fax back to my office. In addition, please
have the release executed by the other parties set forth in such release.
Please call me if you have any questions regarding this matter.
Very truly yours,
XXXXXX & JACLIN, LLP
By: /s/ Xxxxx X. Xxxxxx
-------------------------------------
XXXXX X. XXXXXX
ACCEPTED AND AGREED TO BY:
INTERNATIONAL EQUITIES AND GLOBAL BUSINESS RESOURCES, INC.
FINANCE LLC
By: /s/ Xxxxx X' Xxxxxxx By: /s/ Xxxxx Xxxxxxxxx
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