CORRIDOR COMMUNICATIONS CORP.
0000 Xxxx Xxx., Xxx. 000
Xxxxxxxx Xxxx, Xxxxxxxxxx 00000
August 20, 2004
Xxxx Xxxxxxx
Bristol Investment Fund, Ltd.
c/o Bristol Capital Advisors, LLC
0000 Xxxxxx Xxxxxxxxx, Xxxxx Xxxxx
Xxxxxxxxx, XX 00000
Fax: (000) 000-0000
Re: Proposed Investment in Corridor Communications Corp.
Dear Xx. Xxxxxxx:
This letter memorializes the agreement between Corridor Communications
Corp. (the "Company") and Bristol Investment Fund, Ltd. (the "Investor"),
whereby the Investor shall invest in the Company the amount of $300,000. The
investment will be evidenced by a promissory note, the form of which is attached
hereto, bearing interest at a rate of .555556% per day (the "Note"). The Note
will become due and payable on the sixtieth (60th) day following the date of
issuance of the Note (the "Due Date") and in accordance with such terms as set
forth in the Note. The Company may repay the Note in full prior to the Due Date,
however in the event of such repayment, the amount of interest accrued on the
Note as of the Due Date (equal to $100,000) shall be accelerated and become
payable in full on the date of repayment of the Note.
The Company will issue the Note to the Investor within three (3) business
days following the date of delivery via facsimile of a fully executed copy of
this Note to the Investors. The Company agrees to grant a security interest to
the Investor to secure payment of the Note, which security interest will be
evidenced by a security agreement to be executed by the parties simultaneously
with the issuance of the Note. As additional consideration for providing us with
this funding, we shall issue to you a common stock purchase warrant to purchase
45,000,000 shares of common stock with an exercise price of $.0035.
Please indicate your agreement to the terms of this letter by signing
below.
Sincerely,
CORRIDOR COMMUNICATIONS CORP.
By: /s/ X. Xxxxxxx Xxxx
-------------------------------------
Name: X. Xxxxxxx Xxxx
Title: CEO
AGREED TO AND CONSENTED BY:
BRISTOL INVESTMENT FUND, LTD.
By: /s/Xxxx Xxxxxxx
-------------------------
Name: Xxxx Xxxxxxx
Title: Director
