AGREEMENT
EXHIBIT 10.31
AGREEMENT
This agreement (“Agreement”) is made as of January 24, 2002,
by and between Xxxxxxx Xxxxxxxx (an “individual) and Remedent USA, Inc. (the “Company”):
1. Repayment of
Liabilities to Individual and Related Parties
The parties hereby agree to the full satisfaction of the
amounts due to individual and related parties, as listed in Exhibit I, with the issuance of shares of common stock in the Company at a price of $0.50/share, except as below:
* Satisfaction of $63,000 of the indebtedness to individual shall be repaid in cash at a rate to be determined at a future date.
Exhibit I
| Due to Related Parties |
|||||
| KH/RI personal credit card |
26,245 |
||||
| Advance from CRA Labs (KH) |
23,063 |
||||
| Advance from KH |
63,000 |
|
112,308 | ||
| Accrued Payroll |
|||||
| KH/RI/RH payroll/payroll taxes |
384,362 |
|
384,362 | ||
| Accrued Interest |
|||||
| KH/RI on accrued payroll |
35,933 |
||||
| CRA Labs on advances |
2,947 |
|
38,880 | ||
| |
| ||||
| $ |
535,550 | ||||
| |
|
1
In witness whereof, the undersigned hereby execute this agreement as of the date
first above written.
| Xxxxxxx X. Xxxxxxxx |
||||||||
| By: |
/s/ XXXXXXX X. XXXXXXXX |
|||||||
| Remedent USA, Inc. |
||||||||
| By: |
/s/ XXXXXXX XXXXXXX |
|||||||
2
