V6E 4A6
Exhibit 99.1
| [Date] |
_________________
_________________
_________________
Re:
Restructure of Debt with [name
of creditor]
Globetrac
Inc. (the “Company”) received your signed letter dated _________________
to
restructure your debt with the Company. The Company is currently
reviewing the terms of the letter.
If the
Company agrees to the terms of the letter, [name of creditor] will
forgive all interest on its loan and the Company will convert $_____________
into restricted stock of the Company at 0.025 USD per share.
If the
Company accepts the terms of the letter, [name of creditor] will
receive ____________ shares of the restricted stock of Globetrac Inc. When the
share certificates are issued, [name of creditor] agrees
that all outstanding amounts are considered paid in full and the Company will
have no further obligation or liability with respect to the previously
referenced debt.
Please
sign below if this is acceptable
| Very truly yours, | ||||
| GlobeTrac Inc. | ||||
|
|
By: _____________________
|
|||
|
|
Its: _____________________
|
The terms
of this letter are acknowledged and confirmed as acceptable.
____________________________
Authorized
Signatory
