EXHIBIT 99.1
December 6, 1995
Xx. Xxxx-Xxxxxxxx Xxxxxxxxx
0000 Xxxxx Xxxx Xxxxx
Xxxxxxxxxx, XX 00000
Romark Laboratories, L.C.
0000 Xxxxxxxx Xxxxxxxx Xxxxxxxx Xxxxx 000
Xxxxx, XX 00000
Xxxx X. Xxxxx
0000 Xxxxxxx Xxxxxx
Xxxxx, XX 00000
Gentlemen,
This letter agreement will serve to settle any and all disputes between Belmac
Corporation, Xxxx-Xxxxxxxx Xxxxxxxxx, Romark Laboratories, L.C. and Xxxx X.
Xxxxx (the "Parties") related to the pending court case (Belmac x. Xxxxxxxxx, et
al., Case No. 95-2605, in the Thirteenth Judicial Circuit of Florida) and the
pending arbitration (American Arbitration Association Case No. 33-
133-00050-95).
In consideration for the settlement of the pending court case and the pending
arbitration and the releases provided herein, Xxxx-Xxxxxxxx Xxxxxxxxx agrees to
pay Belmac Corporation the sum of $360,000 in full payment of the promissory
note executed by Xxxx-Xxxxxxxx Xxxxxxxxx on August 3, 1993, according to the
following schedule:
* $160,000 to be paid upon signing this letter agreement,
* $100,000 to be paid on or before January 31, 1996, and
* $100,000 to be paid on or before March 31, 1996.
As further consideration for the settlement of the pending court case and the
pending arbitration, Xxxx-Xxxxxxxx Xxxxxxxxx, Romark Laboratories, L.C. and Xxxx
X. Xxxxx hereby release and forever discharge Belmac Corporation and its
employees, agents, partners, attorneys, affiliates, representatives, privies,
successors, assigns, shareholders, directors, officers, and subsidiaries from
any and all actions, causes of action, lawsuits, arbitrations, injuries, losses,
payments, attorneys' fees, benefits, rights, damages, costs, loss of service,
loss of opportunities, loss of profits, liens, expenses, compensation, suits,
debts, dues, sums of money, accounts, reckonings, bonds, stock claims, bills,
securities, specialities, covenants, contracts, controversies, agreements,
promises, variances, judgments, extents, executions, claims, and demands, of any
type whatsoever, including any claim for indemnity or for contribution, in law,
admiralty, or equity, that any of Xxxx-Xxxxxxxx Xxxxxxxxx, Romark Laboratories,
L.C. and/or Xxxx X. Xxxxx now has, ever had, or that may hereafter have, whether
known or unknown, suspected or unsuspected, potential or actual, asserted, or
warranted, from the beginning of the world up to the date of this letter
agreement. This release shall not constitute a release of any obligations or
duties expressly and specifically imposed upon any Party by this letter
agreement, nor shall it constitute a release of any claims made in the pending
court case, Xxxxx v. Belmac, Case No. 93-4515, in the Thirteenth Judicial
Circuit of Florida. This release shall become effective immediately upon payment
of the final $100,000 installment due on or before March 3, 1996, as set forth
above.
As consideration for the payments made pursuant to this letter agreement, the
settlement of the pending court case and the pending arbitration and the release
provided herein, Belmac Corporation hereby releases and forever discharges
Xxxx-Xxxxxxxx Xxxxxxxxx, Romark Laboratories, L.C. and Xxxx X. Xxxxx and their
employees, agents, partners, attorneys, affiliates, representatives, privies,
successors, assigns, shareholders, directors, officers, and subsidiaries from
any and all actions, causes of action, lawsuits, arbitrations, injuries, losses,
payments, attorneys' fees, benefits, rights, damages, costs, loss of service,
loss of opportunities, loss of profits, liens, expenses, compensation, suits,
debts, dues, sums of money, accounts, reckonings, bonds, stock claims, bills,
securities, specialities, covenants, contracts, controversies, agreements,
promises, variances, judgments, extents, executions, claims, and demands, of any
type whatsoever, including any claim for indemnity or for contribution, in law,
admiralty, or equity, that Belmac Corporation now has, ever had, or that may
hereafter have, whether known or unknown, suspected or unsuspected, potential or
actual, asserted, or warranted, from the beginning of the world up to the date
of this letter agreement. This release shall not constitute a release of any
obligations or duties expressly and specifically imposed upon any Party by this
letter agreement, nor shall it constitute a release of any claims made in the
pending court case, Xxxxx v. Belmac, Case No. 93-4515, in the Thirteenth
Judicial Circuit of Florida. This release shall become effective immediately
upon payment of the final $100,000 installment due on or before March 31, 1996,
as set forth above.
The Parties agree to file, on or before December 8, 1995, a stipulation for
voluntary dismissal with regard to the pending court case (Belmac x. Xxxxxxxxx,
et al., Case No. 95-2605, in the Thirteenth Judicial Circuit of Florida), and
Xxxx-Xxxxxxxx Xxxxxxxxx agrees, on or before December 8, 1995, to dismiss the
pending arbitration (American Arbitration Association Case No. 33-133-00050-95).
Each of the Parties will bear their own attorneys' fees and costs.
Finally, the Parties agree that they have not relied upon any representations,
statements, inducements, acts or omissions of any other Party in entering into
this letter agreement. Because
of the history and nature of the litigation and the relationship of the Parties,
it would be unreasonable for the Parties to rely upon any such representations,
statements, inducements, acts or omissions of any other party. Therefore, the
Parties hereby expressly and specifically waive any and all claims for fraud in
the inducement, recision, and any other claims relating to the validity of this
letter agreement.
Please sign this letter agreement in the space provided below.
Agreed to by: Agreed to by:
Belmac Corporation
/s/ Xxxxx X. Xxxxxx /s/ Xxxx-Xxxxxxxx Xxxxxxxxx
------------------- ---------------------------
by: Xxxxx X. Xxxxxx Xxxx-Xxxxxxxx Xxxxxxxxx
its: Chairman and CEO
Date: December 6, 1995 Date: December 6, 1995
Agreed to by: Agreed to by:
Romark Laboratories, L.C.
/s/ Xxxx X. Xxxxx /s/ Xxxx X. Xxxxx
------------------- ---------------------------
by: Xxxx X. Xxxxx Xxxx X. Xxxxx
its: President
Date: December 6, 1995 Date: December 6, 1995
