Sanguine Corporation
000 Xxxx Xxxxx Xxxxxx, Xxxxx 00
Xxxxxxxx, Xxxxxxxxxx 00000
Attention: The Board of Directors
Re: Subscription Agreement to acquire certain shares of common stock
that are "restricted securities" of Sanguine Corporation, a Nevada
corporation (the "Company"), in consideration of the cancellation
of certain debt of the Company owed to the undersigned, and the
contribution to capital of the Company of certain other debt of the
Company to the undersigned
Dear Gentlemen:
In consideration of the issuance of 31,604,000 shares of common
stock of the Company that are "restricted securities" as that term is defined
under Rule 144 of the Securities and Exchange Commission, I hereby agree to
compromise and settle the following debts of the Company that are owed to me:
$155,277 reflected on the June 30, 2004, unaudited balance sheet of the
Company as a "related party payable"; and $1,108,883 reflected on the June 30,
2004, unaudited balance sheet of the Company as "Notes payable related
party."
I also, for the benefit of the Company and believing that this act
will enhance the future value of my other securities in the Company, hereby
compromise and settle and contribute to the capital of the Company the
following debts owed to me by the Company: $453,630 reflected on the June 30,
2004, unaudited balance sheet of the Company as "Accrued interest related
party" and $597,500 reflected on the June 30, 2004, unaudited balance sheet of
the Company as "Accrued salaries"; and any interest on any amounts in this
paragraph or the preceding paragraph since June 30, 2004.
Date: 9/24/04 /s/ Xxxxxx X. Xxxxx
Xxxxxx X. Xxxxx, Ph.D., MBA
