Exhibit 10.10
Attached hereto is an English translation of the original
Hebrew version of the Agreement between Organitech and the Fund for Export
Encouragement, dated December 31, 2001. The Company has employed a translator to
translate the above-referenced agreement and based on this, the undersigned
believes that the attached is a fair and accurate English translation of the
above-referenced agreement.
OrganiTECH, USA, Inc.
By:/s/ Xxxx Xxxxxx
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Xxxx Xxxxxx, Chief Executive Officer
Date: April 12, 2002
Your proposal of day 26/02001:
Period of approval from 01/01/2001 to 31/12/2001
We are happy to notify you that the fund management has decided to respond
positively to your request: The fund will participate in the funding of your
approved marketing plan for the period 01/01/2001 to 31/12/2001, in the sum of
$257,440 as detailed in the tables and comments attached.
The maximum limit within the framework of our participation in the costs of your
project is $ 40,000 which will be paid to you after your verification of the
approved project.
According to the instruction of the General Manager, you are entitled to receive
an advance in the sum of 30% of the maximum of participation in the fund. For
this necessity please send us a statement (VAT in the sum of 0%) for the amount
of NIS 50,340.
Before your receiving of our participation, you must send us
1st. Combined approval of income tax clerk and the one who is in charge of the
VAT region, authorization of accounts management and registration according
to business law and public bodies (enforcement of management accountant and
payment of income tax debts) 1976 (an extended authorization includes
paragraph 3)
2nd. Authorization for the necessity of deducting tax.
The banking details are: Bank Leumi of Israel Ltd., Branch 875, acct. no.
5650027.
1st. Participation is conditioned on the proving of performance of approved
project.
2nd. Performance in the amount of less than 50% from approved project will
prevent to you the possibility of receiving help from the fund.
3rd. Changes in the structure of expenses or the structure of the project will
require the prior approval of the fund. Financing will not be given to past
changes that will be reported without the prior authorization of the fund.
4th. The last date for submitting a specified and authorized performance report
by an accountant is 30/06/2002. This report will be carried out according
to the instructions of the fund which you already have.
5th. If you are interested in financing for the year 2002 and above, you are
invited to submit at the proper time an updated marketing plan which is
based on the conclusion of the implementation of the present project.
6th. Participation in the fund is conditioned on the availability of its
budgetary and financial resources.
Decision comments:
Expense amount was approved according to the decisions of the committee.
For example - we will not recognize expenses for models that are identical with
company products or are available for sale. The financing for all articles will
be provided under authority of fund regulation
Head Article Office Secondary Article Approved Expenses Grant Participation
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Information collection marketing research -- by company A 35,000 10,500
Information collection regular participation 20,000 6,000
Information collection professional journal subscriptions 500 150
Advertising catalogues 10,000 3,000
Advertising professional journals 3,000 900
Advertising film production 35,000 10,500
Advertising public relations 50,000 15,000
Advertising internet site 10,000 3,000
Advertising samples for experiment 10,000 3,000
Exhibits and product presentation exhibits abroad -- living expenses 8,540 2,562
Exhibits and predict presentation other expenses 21,400 6,420
Maintenance and installment patents 25,000 7,500
Maintenance and installation legal council 15,000 4,500
Marketing trips abroad flight and living expenses 10,000 3,000
Marketing consultants marketing plan 4,000 1,200
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257,440 77,232
