Exhibit 10.09
[Essential Innovations Technology Corp. letterhead]
February 10, 2003
Letter of Agreement
Re: Agreement Between Xx. Xxxx Xxxxxxx and Essential Innovations
Technology Corp.
The terms previously laid out in the agreement between parties dated April 1,
2002, are set out below:
1. Xx. Xxxx Xxxxxxx agrees to loan $30,000 USD to Essential
Innovations Technology Corporation at a flat rate of 12%
interest to be paid back from EI Tech for a total of $33,600
USD. (NOTE: The 12% interest will be paid back on the
principal regardless of the short length of time duration for
the payback of the loan)
2. Essential Innovations Technology Corporation agrees to grant
Xx. Xxxx Xxxxxxx the following Warrant Package to accompany
its agreed upon loan: 50,000 Warrants @ $.35 USD/share
In reference to the above terms and as of the date of this Letter of Agreement,
Xx. Xxxx Xxxxxxx, xxxxxx agrees to convert $20,000 USD of the loan made to EI
Tech into EITC common shares at the price of $0.25 share. Following this
conversion Xx. Xxxx Xxxxxxx agrees that EITC will now owe him the total sum of
$13,600 USD, and he will be issued a share certificate in the amount of 80,000
common shares of Essential Innovations Technology Corp. This is to be a legally
binding document.
/s/ Xxxxx XxXxxxxxx /s/ N Xxxxxxx
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Authorized Signatory Authorized Signatory
Essential Innovations Technology Corp. Xx. Xxxx Xxxxxxx
/s/ Xxxxx Xxxxxxx
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Signature of Witness
CFO
Essential Innovations Technology Corp.
