Exhibit 10(nn)
SYTRON
0000 Xxxxxxxxxx Xxxx
Xxxxxxxxxx, XX 00000-0000
Tel: (000) 000-0000
Fax: (000) 000-0000
As of April 1, 1999
Xxxxxx Holdings Limited
Attn: G. A. Xxxxx, Director
0 Xxxxxxxxx Xxxxx
Xxxxx Xxxxxx
Xx. Xxxxxx, Xxxxxx XX0 0XX
British Channel Islands
Dear Xx. Xxxxx:
Please refer to the Stock Purchase Agreement, and all amendments thereto,
between Sytron, Inc. (the "Company") and Xxxxxx Holdings, Limited (the
"Purchaser") dated April 7, 1998, (the "Stock Agreement"). Terms defined in the
Stock Agreement and used in this letter agreement are used in accordance with
their definitions. The Company and the Purchaser agree as follows:
(a) The Purchaser owes a remaining balance of $269,250 to the Company which
balance is due on April 1, 1999 under the Stock Agreement. The Company
hereby agrees to extend to April 30, 2001, the date by which the Purchaser
shall pay the Company the sum of $269,250.
(b) On or about February 11, 1999, the Company filed a registration
statement with the U.S. Securities and Exchange Commission (Registration
No. 333 - 72173) for the registration of the Company's common stock on
behalf of a selling stockholder. The Purchaser, under an agreement dated
October, 1995 and modified on July 15, 1996, has the right to demand that
the Company include in such registration statement all of the Company's
stock owned by the Purchaser. In consideration for the extension granted in
this letter agreement, the Purchaser agrees to limit its right to cause the
Company to include no more than 691,384 shares of the Company stock
heretofore issued to the Purchaser in the registration statement originally
filed on February 11, 1999. The Purchaser specifically waives its right (i)
to demand that the Company register any other shares issued by it to the
Purchaser in any amendment to the February 11, 1999 registration statement,
and (ii) to have the 700,000 shares underlying its presently outstanding
warrant dated April 7, 1998 to acquire 700,000 shares registered by the
Company in any amendment to the February 11, 1999 registration statement.
This Agreement shall amend and supersede any and all provisions of the
Stock Agreement which are inconsistent herewith.
To confirm your understanding and agreement with the foregoing, please sign
where indicated and return to my attention on or before April 2, 1999.
Very truly yours,
SYTRON, INC.
/s/ Xxx Xxxxxx
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Xxx Xxxxxx, President
CONFIRMED AND AGREED
XXXXXX HOLDING, LIMITED
/s/ Graeme Xxxx Xxxxx
--------------------------------
Name: Graeme Xxxx Xxxxx
Position: Director
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