LETTER OF INTENT REGARDING ULTREXX CORPORATION AND ULTREXX INDIA (AMENDED)
This letter sets forth an agreement-in principle under which Ultrexx
Corporation and Ultrexx Solutions Pvt.Ldt ("Ultrexx India") will continue
working together on a contractual basis with the intent to merge into a single
company or a subsidiary company during the year 2000.
Ultrexx Corporation is a Utah corporation (Ultrexx) with its principle place
of business at 0000 Xxxxx Xxxxxx Xxxx., #000, Xxxxxxx, XX 00000.
Ultrexx India is an Indian company with its principal place of business in
Banglore, India. Xxxxxxxxxxx Xxxxxxxxxxxxx is the president of Ultrexx India
and a founder, director and the single largest shareholder in Ultrexx.
The parties acknowledge that from inception to date, Ultrexx and Ultrexx India
have worked exclusively together on a contractual basis.
The parties acknowledge that Ultrexx has provided Ultrexx India with operating
capital and as consideration received exclusive programming and software
development services.
The parties acknowledge that it is their intent to merge during the year 2000
and that they are working jointly to determine the best way to accomplish this
under Indian and US corporate and securities laws.
The parties acknowledge that until such merger occurs, it is their intent to
continue working together on an exclusive contractual basis and that Ultrexx
may represent that Ultrexx India is, for all practical purposes, an exclusive
extension of Ultrexx.
It is so agreed.
/s/ Xxxxxxxxxxx Xxxxxxxxxxxxx
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Xxxxxxxxxxx Xxxxxxxxxxxxx
Ultrexx India
Date: 04/12/00
/s/ Xxxx XxXxxxxx
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Xxxx XxXxxxxx
Ultrexx, Inc.
Date: 04/12/00
