EXHIBIT 10.3
LETTER AGREEMENT
FEBRUARY 20, 2008
BY AND BETWEEN
HOLLUND INDUSTRIAL ROBOTICS SYSTEMS INC.
AND
AQUATIC CELLULOSE INTERNATIONAL CORP
Reference is herein made to the Tiger-Xxxx Purchase and Sale Agreement, dated
January 20, 2008, by and between Hollund Industrial Robotics Systems Inc., a
Canadian corporation ("Buyer") and AQUATIC CELLULOSE LTD, a wholly owned
subsidiary of AQUATIC CELLULOSE INTERNATIONAL CORP, a Nevada corporation
("Seller").
The parties hereby agree to amend the said Agreement by adjusting the section
entitled Purchase Price under Article 1 as follows;
ARTICLE 1 - SUBJECT, PURCHASE PRICE AND CLOSING
SUBJECT ASSET - Upon the terms and subject to the conditions of this Agreement,
Seller agrees to sell to Buyer and Buyer agrees to purchase from Seller all
rights, title or interest in all patents, blueprints, drawings, documents or
physical components, owned by Seller and without exception relating to the
Tiger-Xxxx underwater manipulator system ("Tiger-Xxxx"), as hereby attached in
Exhibit A ("TigeroLynk Assets").
(The following section will be removed)
PURCHASE PRICE - The purchase price is $500,000 U.S. Dollars, consisting of the
following payments;
a. $50,000 cash deposit which has already been paid by the Buyer to the
Seller.
b. $50,000 cash payment that is due upon signing.
c. $400,000 in free trading common stock of Hollund Industrial, Inc.
(HLLD). The exact number of shares shall be 3,076,923 which is based
on a mutually agreed upon HLLD stock price of $.13 per share
($400,000/.13 = 3,076,923).
CLOSING - Upon mutual execution of this document via electronic counterparts
with original copies to follow, Buyer shall complete the purchase in the
following manner:
a. Within 24 hours of the signing of this Agreement Buyer shall wire
deposit the sum of $14,000 into the following bank account:
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b. The balance due of $36,000 shall be paid within three weeks of the
date of signing.
c. Within 5 business days of the signing of this Agreement Buyer shall
deposit the above HLLD shares into the following trading account:
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(Replaced with the following section)
PURCHASE PRICE - The purchase price is $314,000 U.S. Dollars, consisting of the
following payments;
a. $50,000 payment - This payment was already made by the Buyer, as
agreed with the Seller, and was deducted from the $250,000 that was
on deposit with the Seller, the balance of which funds were returned
to Hollund Industrial Inc.
b. $14,000 cash payment paid by Buyer.
c. $250,000 dollars in 10 payments of $25,000 installments paid on the
1st day of the month beginning with March 1, 2008 with the final
payment made on December 1, 2008.
CLOSING - Upon mutual execution of this document via electronic counterparts
with original copies to follow, Buyer shall complete the purchase in the
following manner:
a. On the first day of each payment month, as described above in
section c., the Buyer shall make a wire transfer of $25,000 into the
Sellers bank account. The account information as follows;
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xxxxxxxxxxx
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b. The Buyer shall have the right to prepay the entire balance owing at
any time during the agreement.
(End of section)
It is understood that all other terms and conditions as per the original January
20, 2008 agreement shall remain in full force and effect.
IN WITNESS WHEREOF, THIS AGREEMENT SHALL BE EFFECTIVE AS OF FEBRUARY 20, 2008.
HOLLUND INDUSTRIAL AQUATIC CELLULOSE INTERNATIONAL
ROBOTICS SYSTEMS INC. CORPORATION
/s/ Xxxxxx Xxxxxxx /s/ Sheridan Westgarde
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Xxxxxx Xxxxxxx, President Sheridan Westgarde, CEO
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