EXHIBIT 10.27
[Letterhead of URT Industries, Inc.]
June 12, 2000
Peaches Entertainment Corporation
0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx.
Hallandale, FL 33009
Gentlemen:
It is the purpose of this letter agreement between URT Industries, Inc.
("URT") and Peaches Entertainment Corporation ("PEC") to confirm that, in
consideration of the benefit which would be expected to accrue to URT, URT
hereby agrees that, in the event that PEC's auditor, Xxxxxxx Xxxxx & Xxxxx LLP,
issues an opinion with respect to its financial statements for the year ended
April 1, 2000 which is unqualified (i.e., in the same form as the opinion issued
with respect to the year ended April 3, 1999), and if funds generated from the
operations of PEC, and the proceeds of debt financing, are insufficient to meet
PEC's current projected operating requirements during the one year period ending
April 1, 2001, then URT will take any necessary action to see that funds are
available to cover any such shortfall up to April 1, 2001.
Please sign below to evidence our agreement.
Very truly yours,
URT Industries, Inc.
By: /s/ Xxxxx Xxxx
----------------------------
Executive Vice President
Agreed and Approved:
Peaches Entertainment Corporation
By: /s/ Xxxxx Xxxx
----------------------------
Executive Vice-President
