Allegro Biodiesel Corporation 6033 West Century Blvd., Suite 1090 Los Angeles, California 90045 Tel: (310) 670-2093 Fax: (310) 670-4107 www.allegrobiodiesel.com
 |
Allegro
Biodiesel Corporation
0000
Xxxx Xxxxxxx Xxxx., Xxxxx 0000
Xxx
Xxxxxxx, Xxxxxxxxxx 00000
Tel:
(000) 000-0000
Fax:
(000) 000-0000
xxx.xxxxxxxxxxxxxxxx.xxx
|
June
13,
2008
Via
Federal Express
Attention:
Xxxxx Xxxxxx
JPMorgan
Chase Bank, N.A.
Escrow
Services
000
Xxxxx
Xxxxx Xxxxxx, 00xx
Xxxxx
Xxx
Xxxxxxx, XX 00000
|
Re:
|
Joint
Escrow Instructions re Escrow
Agreement (“Escrow Agreement”) by and among Diametrics Medical, Inc., the
Members and JPMorgan Chase Bank, N.A. dated as of September 20,
2006
|
Ladies
and Gentlemen:
Allegro
Biodiesel Corporation (fka Diametrics Medical, Inc., “Allegro”) has submitted to
you various demands for release from the Escrow Deposit under the Escrow
Agreement. The parties to the Escrow Agreement have not resolved any of such
claims other than Allegro’s demand dated February 22, 2008, for the release of
$47,448.49 relating to certain taxes. Joint escrow instructions for the release
of such amount were delivered to you on or about May 16, 2008.
Notwithstanding
that our remaining claims continue to be outstanding, the parties to the
Escrow
Agreement have agreed to release a portion of the Cash Escrow Deposit and
a
portion of the Stock Escrow Deposit as set forth below.
Accordingly,
you are hereby instructed to release (i) to Allegro from the Cash Escrow
Deposit
the sum of $151,628.08
and from
the Stock Escrow Deposit, 124,961
shares
of Allegro common stock and (ii) to the Members from the Cash Escrow Deposit
the
aggregate sum of $201,129.30
and from
the Stock Escrow Deposit an aggregate of 126,250
shares
of Allegro common stock. It is requested that these funds and shares be released
as promptly as possible.
|
Funds
released to Allegro shall be paid by wire transfer to the following
account:
Bank
of America
0000
Xxxxxxxxx Xxx
Xxxxxx
Xxx Xxx, XX 00000
ABA
No. 000000000
Account
Number 09145-41651
Shares
of Allegro common stock released to Allegro shall be delivered
to the
following address:
|
|
Allegro
Biodiesel Corporation
0000
Xxxx Xxxxxxx Xxxx., Xxxxx 0000
Xxx
Xxxxxxx, XX 00000
Attention:
W. Xxxxx Xxxxx III
Telephone
No.: (000) 000-0000
|
Funds
released to the Members shall be paid by wire transfer to Xxxx Xxxxx at
Xxxxxxxxx, Xxxxxx & Xxxxxx LLP, using the following
information:
|
Regions
Bank
0000
Xxxxxxxxx Xxx.
Xxxxx
Xxxxx, XX 00000
ABA
No. 000000000
Account
Number 1450901416
|
|
|
Allegro
Biodiesel Corporation
0000
Xxxx Xxxxxxx Xxxx., Xxxxx 0000
Xxx
Xxxxxxx, Xxxxxxxxxx 00000
Tel:
(000) 000-0000
Fax:
(000) 000-0000
xxx.xxxxxxxxxxxxxxxx.xxx
|
|
Shares
of Allegro common stock released to the Members shall be delivered
to the
following address:
|
|
|
Xxxxxxxxx,
Xxxxxx & Xxxxxx, L.L.P.
23rd
Floor, One American Place
000
Xxxx Xxxxxx
Xxxxx
Xxxxx, XX 00000-0000
Attn:
B. Xxxx Xxxxx
Telephone
No.: (000) 000-0000
|
|
|
Capitalized
terms used herein without definition have the meaning ascribed
thereto
under the Escrow Agreement.
|
|
Allegro
Biodiesel Corporation
0000
Xxxx Xxxxxxx Xxxx., Xxxxx 0000
Xxx
Xxxxxxx, Xxxxxxxxxx 00000
Tel:
(000) 000-0000
Fax:
(000) 000-0000
xxx.xxxxxxxxxxxxxxxx.xxx
|
| Please call Xxxxxxx Xxxxxx of Xxxxxx Xxxxxx LLP at 213-896-6029 with any questions regarding these joint escrow instructions. | |
| Very truly yours, | |
| ALLEGRO BIODIESEL CORPORATION | |
|
By:
/s/
W. Xxxxx Xxxxx,
III
Name:
W. Xxxxx Xxxxx, III
Title:
Chief Executive Officer
|
/s/ Xxxxxxx
Xxxxxx
XXXXXXX
XXXXXX,
as
Member Representative
|
