EXHIBIT 10.5
- RAPIDTRON
SEPTEMBER 29, 2003
Xx. Xxxxxxx Xxxxxxx
Mr. Xxxxxx Xxxxxx
AXESS AG
Xxxxxxxxxxx Xxxxxx 0
X-0000 Xxxxx
Xxxxxxxx, Xxxxxxx
CC: Xxxxxx Xxxxxxxx
Dear Xxxxxxx and Xxxxxx:
Per my discussion and agreement with Xxxxxx, we have reached the following
agreement:
1. We agreed to increase the UCC-1 to $100,000 and will change the secured
party to Designa, which has been sent.
2. We have wired $25,000 US per Xxxxxx Xxxx'x notification.
3. Thank you for you release of the equipment for the fitness shipments for
83,000 Euros, and the PO Number 2051-2 for the Park City equipment.
4. We agreed to reduce our total outstanding payables to AXESS to 150,000 euro
by end of October.
5. We have placed Purchase Orders for an additional 50 systems of fitness
equipment for delivery as soon as possible.
Please confirm on when you can ship as soon as possible.
We will discuss long term planning during October.
Thanks and best regards accepted
Xxxxx Xxxxxxx Xxxxxxx Xxxxxx
General Manager CEO Axess AG
06.10.2003
RAPIDTRON Inc. 0000 Xxxxxx Xxxxxx Xxxx. Q Costa Mesa, CA 92626
tel. 000.000.0000 (fax) 000.000.0000