EXHIBIT 99.2
June 14,2002
Xxxxxxxx X. Xxxxxxxx
0000 X.Xxxxxxx
Xxxxxxxxx, XX 00000
Re: Agreement for the Assignment of Patent Rights
Dated April 7, 2002
Dear Xx. Xxxxxxxx,
As you know, Quicktest 5, Inc. is required to pay to you pursuant to
paragraph 3.4 Quicktest Fee/Royalty the sum of $1.20 per case (case consists of
24 bottles) on each and every case from the sale of Quicktest's Product in which
the Patent is utilized. Our agreement provides that the Royalty fee shall start
on the first day of the calendar quarter commencing as such time as Quicktest
distributes "First Distribution" its first Product to Third-Parties in which the
Patent is utilized, and every quarter thereafter during the term of the
Agreement.
Further, pursuant to paragraph 11.2 of the Agreement you agreed and
acknowledged that Xxxxx X. Xxxxx is to receive Twenty (20%) of your interest in
the Royalties and the stock granted under the Agreement and Xxxxxx Xxxxxx is to
receive Twenty-five (25%) of the remaining eighty (80%) of your interest in
Royalties and the stock issuance. We were informed by Xx. Xxxxx X. Xxxxx that
his Twenty (20%) was to be split three-ways, 1/3 to Xxxxx X. Xxxxx, 1/3 to
Xxxxxxxx Xxxxx and 1/3 to Xxxxxxx Xxxxx. Per your instructions we have issued
the stock called for in the Agreement to the above named individuals. We have
not had a "First Distribution" as of this date. You and the other individuals
have agreed that you would accept additional stock as pre-payment for royalties.
We have issued the following: Share Certificate No. 54 representing 180,000
shares to Xxxxxxxx X. Xxxxxxxx; Share Certificate No. 55 representing 20,000
shares to Xxxxx X. Xxxxx; Share Certificate No. 56 representing 20,000 shares to
Xxxxxxxx X. Xxxxx and Share Certificate No. 57 representing 20,000 shares to
Xxxxxxx Xxxxx and Share Certificate No. 58 representing 60,000 shares to Start
Garret.
These shares represent 300,000 shares and were issued pursuant to our
agreement that we would have a credit of $0.50 per share or $150,000.00 towards
the Royalty payments due after the "First Distribution"
Thank you for your continued support,
Approved and Accepted
/s/Xxxx XxXxxx /s/Xxxxxxxx X. Xxxxxxxx
-------------- -----------------------
Xxxx XxXxxx Xxxxxxxx X. Xxxxxxxx
Quick Test, 5 Phone: 000-000-0000
0000 Xxxxxxx Xxxxxx Xxxx Xxxxx 000 Fax: 000-000-0000
Xxxxxxxx Xxxxxxx, Xx 00000
