AMENDMENT SIX TO LETTER OF INTENT
AMENDMENT
SIX TO LETTER OF INTENT
With
reference to the Letter of Intent dated April 27, 1998, by and between
BioGenesis Enterprises, Inc. and Summit Technologies, Inc. and the Amendment
to
Letter of Intent dated November 2, 1998 between the parties, and with reference
to the merger of Summit Technologies, Inc. into Summit Environmental
Corporation, Inc. (Summit) the surviving company, and with reference to
Amendment Two to Letter of Intent dated March 1, 1999, and with reference
to
Amendment Three to Letter of Intent dated April 30, 1999, and with reference
to
Amendment Four to Letter of Intent dated May 28, 1999, and with reference
to
Amendment five to Letter of Intent dated June 30, 1999:
1. The
sum
of $275,000.00 to be paid on or before August 1, 1999, under Amendment Five,
and
the sum of $300,000 to be paid on or before August 1, 1999 under Amendment
One
to Letter of Intent are rescheduled as follows:
a. Summit
will pay $25,000 on or before August 5, 1999, leaving a balance of
$550,000.
b. Starting
September 1, 1999, and every 15 days thereafter until the total of $550,000
is
paid, Summit will pay to BioGenesis thirty-five percent (35%) of the total
amount received as a result of capital raising activities during the preceding
period.
c. Starting
August 16, 1999, and thereafter on the 1st
and the
16th
of each
month, Summit will provide BioGenesis a listing of funds received during
the
preceding period.
d. If
the
balance of $500,000 is not paid by December 1, 1999, then, based on the
circumstances at the time, Summit and BioGenesis will negotiate in good faith
to
compensate BioGenesis for the stretch-out in payments.
All
other
aspects of the Letter of Intent dated April 27, 1998, the Amendment to the
Letter of Intent dated November 2, 1998; Amendment Two to the Letter of Intent
dated March 31, 1999; Amendment Three to the Letter of Intent dated April
30,
1999; and Amendment Four to the Letter of Intent dated May 28, 1999, and
Amendment Five to the Letter of Intent dated June 30, 1999, shall remain
in
effect.
IN
WITNESS WHEREOF, the parties have executed this Amendment Six to the Letter
of
Intent as of the date contained herein.
|
BioGenesis
Enterprises, Inc.
/s/
Xxxxxx X. Xxxxxx
By:
Xxxxxx
X. Xxxxxx, President
Date:
July 29, 1999
|
Summit
Environmental Corporation, Inc.
/s/
Xxxxx Xxxxxx
By:
Xxxxx
Xxxxxx, Chairman/CEO
Date:
July 29, 1999
|
Exhibit
10.10
Summit
Payments for Patent Rights Purchase
$1,000,000
total, including payments prior to 4/27/98 Agreement
|
Date
|
Amount
|
Balance
|
Note
|
|
02/02/98
|
$
25,000
|
$975,000
|
Paid
prior to 4/27/98 Agreement
|
|
03/27/98
|
$
25,000
|
$950,000
|
Paid
prior to 4/27/98 Agreement
|
|
04/20/98
|
$
25,000
|
$925,000
|
Paid
prior to 4/27/98 Agreement
|
|
05/08/98
|
$
25,000
|
$900,000
|
Paid
under para. 3A & 3B of 4/27/98 Agreement
|
|
06/01/98
|
$
25,000
|
$875,000
|
Paid
under para. 3A & 3B of 4/27/98 Agreement
|
|
06/30/98
|
$
75,000
|
$800,000
|
Paid
under para. 3A & 3B of 4/27/98 Agreement
|
|
12/29/98
|
$
50,000
|
$750,000
|
Paid
under para. 3C of 4/27/98 Agreement
|
|
01/14/99
|
Received
750,000 shares under para. 2C of 4/27/98 Agreement
|
||
|
02/02/99
|
$150,000
|
$600,000
|
Paid
under para. 3C of 4/27/98 Agreement
|
|
07/02/99
|
$
25,000
|
$575,000
|
Paid
under para. 3C of 4/27/98 Agreement
|
|
08/05/99
|
$
25,000
|
$550,000
|
Paid
under para. 3C of 4/27/98 Agreement
|
|
12/03/99
|
$100,000
|
$
50,000
|
Paid
under para. 3C of 4/27/98 Agreement
|
|
12/15/99
|
$100,000
|
$350,000
|
Paid
under para. 3C of 4/27/98 Agreement
|
|
12/31/99
|
$350,000
|
$
0
|
Received
875,000 shares in lieu of cash
|
Exhibit
10.10
