Exhibit 10.10
[Essential Innovations Technology Corp. letterhead]
February 27, 2003
Letter of Agreement
Re: Agreement Between Morpheus Financial Corporation and Essential
Innovations Technology Corp.
As of the date of this letter, Essential Innovations Technology Corp., has an
outstanding shareholders loan due to Morpheus Financial Corporation.
In reference to the above outstanding shareholders loan and as of the date of
this Letter of Agreement, Morpheus Financial Corporation hereby agrees to
convert, $72,645 USD, which comprises all, but a remaining $30,000 loan with a
flat 12% interest rate equaling $33,600 USD, of the outstanding shareholders
loan made to EI Tech, into EITC common shares at the price of $0.25/ share.
Following this conversion Morpheus Financial Corporation agrees that EITC will
now owe them the total sum of $33,600 USD, and that they will be issued a share
certificate in the amount of 290,580 common shares of Essential Innovations
Technology Corp., as conversion for payment of the other $72,645 USD owing to
this from EITC. This is to be a legally binding document.
/s/ Xxxxx XxXxxxxxx /s/
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Authorized Signatory Authorized Signatory
Essential Innovations Technology Corp. MorpheusFinancial Corporation
