EXHIBIT 10.3
October 2, 1995
Xxxxx X. XxXxxxx
0000 X. Xxxxxxxx
Xxxxxxxxx, Xxxxx 00000
RE: Compensation for $500,000 Guaranty of Equipment Line of Credit
Dear Xxx:
Please allow this letter to serve as American Telesource International, Inc.'s
("ATI") agreement to compensate you, Xxxxx XxXxxxx ("XxXxxxx"), for your
guaranty of a $500,000 line of credit to assist ATI in the acquisition of
equipment associated with its business.
ATI shall xxxxx XxXxxxx 5% of the value of the credit line ($25,000 U.S.) in
common stock, at 90% of the Bid price, the day said line is fully approved and
drawn upon by ATI.
ATI shall xxxxx XxXxxxx an additional 5% of the value of the credit line
($25,000 U.S.) in common stock, at 90% of the Bid price, on each anniversary
date that said line carries McCourt's guaranty. The anniversary date shall be
defined as the first date in which ATI draws funds.
If this meets with your approval and understanding, please so indicate in the
space provided for below, and return an executed copy to the undersigned.
Thank you.
Sincerely,
AMERICAN TELESOURCE INTERNATIONAL, INC.
Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx
President
ALS:cc
AGREED TO AND ACCEPTED THIS 5th DAY OF OCTOBER, 1995.
By: Xxxxx X. XxXxxxx
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Xxxxx X. XxXxxxx
